Since The Uptrend Is Intact, The Price Rally Could Continue And Reach $60,000 By The End Of 2021.

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Bitcoin’s price hit a new all-time high against the US dollar at $57,500. BTC remains funded and is extremely likely to test $60,000 in the immediate future.

Bitcoin is on the rise, so is the price.

Since breaking out of a crucial $50,000 price resistance against the US dollar, bitcoin has continued to grow. The BTC/USD pair rose all the way to $55,000 and stayed above 100 SMA (4-hours).

The market has recently started a downward price reversal, from an all-time peak close to $57,500 to a current price close to $51,600. Below the $56,000 and $55,000 price points, there was a precipitous slide. At the Fib retracement level, rising from the $50,634 low to $57,500 high, the price broke at 23.6 percent of the price level.

The bulls were helping $54,000, but this time around, they were behaving a bit more aggressively. This Fib retracement stage, which came into place as a support after the $50,634 low to $57,500 high swing, was also an excellent entry point.

Fib

While a key bullish trend line is forming with support of nearly $54,000 on the 4-hour BTC/USD chart, there is also a key bearish trend line forming close to $54,000 on the hourly chart. Also, the pair is now recovering and trading around $55,000. Near the $57,000 resistance mark, an initial resistance arose. The first big market resistance is around $57,500 price point.

There is a good chance of a break above the $57,500 resistance, allowing for further upside down. From $60,000 to $60,000, the next major bull resistance is $60,000.

Are there any dips in the BTC?

The downside risk of a potential Bitcoin price reversal could increase if Bitcoin fails to pass the $57,500 resistance level. The first substantial assistance is only beyond the line of interest and at $54,000.

Help is due about the $52,500 mark in the coming days (a multi-touch zone). The price can fall back to $50,000 in the near term if there is a clear break and it closes below $52,500 in support.

Indicators linked to technical advancement

The MACD signals a bullish signal to BTC/USD 4 hours before the close of trading.

The RSI for BTC/USD is still above the 60 level, indicating that BTC/USD could move higher in the near term.

This is a huge sum of support, at $52,500.

MRL — $60,000

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