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BTC/USD analysis: Bitcoin price is showing positive signs

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Bitcoin (BTC) price is recovering slowly above $55k against the US Dollar and BTC/USD analysis is showing positive signs. Bitcoin will probably start a strong increase if there is a daily close above the $57,000 resistance level.

It started a fresh increase above the $55,000 and $55,500 resistance levels. The price is now well above $55,000 and the 100 simple moving average (4-hours).

There was a break above a major bearish trend line with resistance near $55k on the 4-hours chart of the BTC/USD pair (according to data from Kraken).

There is a chance that it could rally towards the $60,000 level if there is a close above the $57,000 resistance zone.

Bitcoin Price is Showing Positive Signs

This past week, the bitcoin price testes the $50,500 support zone and started a new bullish trend against the US Dollar. BTC/USD formed a support base above $52,000 and recently started a fresh increase.

BTC price broke the $53,000 and $53,500 resistance levels to move into a positive zone. It opened the doors for a new break above the $55,000 resistance zone. There was a break above the 50% Fib retracement level of the downward move from the $57,235 swing high to $50,400 swing low.

Additionally, there was a break above a major bearish trend line with resistance near $55,000 on the 4-hours chart of the BTC/USD pair. The pair is now trading above the 76.4% Fib retracement level of the downward move from the $57,235 swing high to $50,400 swing low.

BTC/USD analysis shows that an immediate resistance is near the $57,000 level and the 100 simple moving average (4-hours). A successful break and close above the $57,000 resistance zone could open the doors for a move towards the $60,000 resistance zone in the coming days.

Fresh Decline in BTC?

If BTC fails to settle above the $57,000 resistance level or the 100 simple moving average (4-hours), there is a risk of a fresh decline. Initial support on the downside is near the $55,500 level.

The first key support level is near the broken trend line and $55,000. A clear break below the $55,000 support might open the doors for the deeper decline. In the stated case, the price could decline towards the $53,200 level or even $53,000.


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