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Bitcoin Moves Above $58,000, Set To Retake $60,000

Things are looking very exciting for the digital asset space as Bitcoin is looking very bullish and might be on the verge of a breakout. The industry has noticed changing patterns with Bitcoin and other cryptos as they now show negative reversal before starting another rally. This has happened frequently for Bitcoin as it has touched the $51,000 numerous times before seeing significant gains.

Bitcoin is currently up by 1% as the whole industry had recorded new profits as opposed to weeks ago when they had continuously declined. The king coin is not yet done, and the bulls are active to take the digital asset to another high as charts show signs of hitting the $60,000 mark.

Bitcoin about to see a breakout

Bitcoin’s ongoing rally has helped the crypto attain a $58,000 peak on its way to reach the $60,000 mark. The asset dropped from its continuous rally some time ago, which led to the drop from $61,000 to $55,000. If the digital asset retakes the mark, it could skyrocket far beyond the $60,000 mark. The asset’s current resistance level hold around the $63,000, $65,000, $67,000.

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The support level holds around $51,000, $49,000, $47,000. The daily chart shows that Bitcoin is moving above the $58,000 mark as it is now above the 9-day and 21-day moving averages. This shows that the crypto would likely move towards the $60,000 mark before seeing a reversal.

If s reversal doesn’t occur, then the uptrend would continue and might eventually retake the well-known peak of around $61,000. The crypto had traded below the moving averages for a while before the commencement of the bull run, which has affected the extent to which the digital asset grew. The asset is now in the green zone and had crossed resistance levels to reach its new $58,000 high.

The obstacle in front of the coin is now the resistance around the current mark, which would likely cause some digital asset problems. If the bull run continues, it would be a good thing for the digital asset and would assure traders new profits.

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Bulls are active in the market

At this point, where Bitcoin is currently some inches away from $60,000, it means that the asset is currently witnessing a short-term bull run that could help the asset reach another iconic high. The technical indicator, RSI (14), is currently around the 60-level as it shows signs of moving up the charts. The level shows a movement due to the bull’s activities, and this means that the industry would continue to record new gains as long as the bulls are active.

If the asset reaches the $63,000 mark, it would likely get enough momentum to welcome new highs and add more profits. However, if the asset fails to the $60,000, it could be dangerous for the crypto as it might fall to the nearest support, which is around $51,000. The asset’s performance has been healthy, and it means well for the industry at large. Digital asset holders should keep on holding as a breakout can occur as the asset nears $59,000.

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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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