Bitcoin extended its rally above the $57,000 against the US Dollar. BTC could continue to rise if it is above the $56,000 support zone.
- Bitcoin is trading in a positive zone above the $56,000 support zone.
- The price is now trading above $56,000 and the 100 hourly simple moving average.
- There was a break above a key declining channel with resistance near $55,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is correcting gains, but the bulls could remain active near $56,000.
Bitcoin Price Eyes More Upsides
Bitcoin price remained well supported above the $55,000 pivot level. BTC gained pace and it was above to clear many hurdles near the $55,500 level.
There was also a break above a key declining channel with resistance near $55,400 on the hourly chart of the BTC/USD pair. The pair climbed above the $56,000 resistance level and settled above the 100 hourly simple moving average.
Source:The first key resistance is near the $57,500 level. A clear break above the $57,500 resistance could open the doors for a decent increase. The next major resistance sits near the $58,500 level. Any more gains could set the pace for a move towards the $59,200 level.