Bitcoin failed to rise above $60,000 earlier in the week, thwarting investor speculation. A robust barrier at$59,000 allowed overhead pressure to rise. Moreover, investors seeking to cash out for profit added weight to the selling pressure, whereby Bitcoin tumbled to $53,000.
Meanwhile, support established at $55,000 gave the bulls a substantial boost, explaining the recovery above $54,000. Moreover, Bitcoin currently sits above the 100 Simple Moving Average (SMA), which functions as the immediate support on the four-hour chart.
On the upside, the flagship cryptocurrency is looking into resistance highlight by the 50 SMA, marginally under $56,000. A break above this seller congestion would call more buyers into the market as speculation rises for gains past $60,000. The Relative Strength Index (RSI) has recovered above 40, hinting at the uptrend extending further.
BTC/USD four-hour chart
Read more
BTC/USD price chart by Tradingview
It is worth mentioning that IntoTheBlock’s IOMAP

Czytaj więcej

Źródło: https://coingape.com/bitcoin-price-prediction-btc-starts-regaining-the-ground-to-60000-as-altcoins-outperform/