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Bitcoin Set To Break Above $59,000 Resistance Level

Bitcoin is briefly doing well in the crypto market following a slowed movement after touching a little above the $59,000 mark. The move upward we well established after the digital asset crossed well above both its moving averages (9-day and 21-day).

To follow that up, Bitcoin has since extended its move up above to touch close to the $60,000 resistance mark after the break above the MA. However, the digital asset has also seen a slight rejection close to the $59,742 price region following attempts to touch the resistance level.

The bulls are still in the Bitcoin market

Presently, the digital asset is still enjoying life above the 9 day and 21-day moving averages, and a move to push upward after breaking above the $60,000 resistance is the $64,000 resistance level. If the bulls break above that level, they could establish their dominance and push the asset close to the $66,000 price region.

A move above that level would finally see the bulls squash the $67,000 level to power the asset close to the $68,000 resistance mark. This is generally a natural occurrence in the market as traders use these levels to ascertain the strength of several cryptos’ bullish run. With the price of the asset still making headway above the moving averages, it could mean that the asset could reach a new record resistance level.

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However, if the digital asset fails to assume a move above the moving averages in the nearest future, it could see the bears take the stage in the market. A bearish move for the asset could see it touch close to the $55,000 and $53,0000 support level. If the bears continue their activities, then the asset could go as low as $51,000.

Bitcoin 4 hour analysis

The bulls have been lending their support for the past few days, defending the asset when it needs it. This has, in turn, pushed the price of the asset way above the 60 level in its Relative Strength Index. The four-hour chart of Bitcoin shows that the asset has not been doing too well, recording a sideways trade. At this instant, the bulls are still coming to defend the asset at $58,500 until it breaks.

Once it does, the digital asset could see the lower regions below this level come into play. If the bulls show resolve and push the asset above the RSI level, we might be looking at the asset touching $60,000. If it automatically breaks above this, we could see the $61,000 level and above come into play. With the asset already above the 60 level, traders and others in the market would hope to power the asset way above that level.

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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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