{"id":36518,"date":"2024-02-28T03:53:21","date_gmt":"2024-02-28T07:53:21","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=36518"},"modified":"2024-02-28T03:53:21","modified_gmt":"2024-02-28T07:53:21","slug":"bitcoin-price-consolidates-gains-can-btc-extend-rally-to-60k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/28\/bitcoin-price-consolidates-gains-can-btc-extend-rally-to-60k\/","title":{"rendered":"Bitcoin Price Consolidates Gains, Can BTC Extend Rally To $60K?"},"content":{"rendered":"

Bitcoin price rallied further toward $58,000. BTC is now consolidating gains and might soon attempt more gains toward the $60,000 resistance.<\/em><\/p>\n

Bitcoin price is consolidating gains below the $57,500 resistance zone.
\nThe price is trading above $56,000 and the 100 hourly Simple moving average.
\nThere is a rising channel forming with resistance near $57,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its current rally toward the $60,000 resistance zone.<\/p>\n

Bitcoin Price Faces Fresh Hurdle<\/h2>\n

Bitcoin price extended its rally above the $55,000 resistance zone<\/a>. BTC gained bullish momentum after it broke the $55,500 and $56,000 resistance levels. There was also a spike above the $57,000 resistance zone.<\/p>\n

A new multi-week high is formed near $57,572 and the price is now consolidating gains<\/a>. There was a minor decline below the $57,000 level, but the price is still above the 23.6% Fib retracement level of the recent wave from the $50,950 swing low to the $57,572 high.<\/p>\n

Bitcoin is now trading above $56,000 and the 100 hourly Simple moving average. Immediate resistance is near the $57,200 level. The next key resistance could be $57,500.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

There is also a rising channel forming with resistance near $57,650 on the hourly chart of the BTC\/USD pair, above which the price could rise toward the $58,000 resistance zone. If the bulls remain in action, the price could even surpass $58,000 and test $58,800. The main hurdle for them is visible near the $60,000 zone.<\/p>\n

Are Dips Supported In BTC?<\/h2>\n

If Bitcoin fails to rise above the $57,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $56,800 level.<\/p>\n

The first major support is $56,000. If there is a close below $56,000, the price could start a decent pullback toward the 50% Fib retracement level of the recent wave from the $50,950 swing low to the $57,572 high at $54,250. Any more losses might send the price toward the $53,200 support zone.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $56,800, followed by $56,000.<\/p>\n

Major Resistance Levels \u2013 $57,500, $57,650, and $58,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price rallied further toward $58,000. BTC is now consolidating gains and might soon attempt more gains toward the $60,000 resistance.<\/em><\/p>\n

Bitcoin price is consolidating gains below the $57,500 resistance zone.
\nThe price is trading above $56,000 and the 100 hourly Simple moving average.
\nThere is a rising channel forming with resistance near $57,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its current rally toward the $60,000 resistance zone.<\/p>\n

Bitcoin Price Faces Fresh Hurdle<\/h2>\n

Bitcoin price extended its rally above the $55,000 resistance zone<\/a>. BTC gained bullish momentum after it broke the $55,500 and $56,000 resistance levels. There was also a spike above the $57,000 resistance zone.<\/p>\n

A new multi-week high is formed near $57,572 and the price is now consolidating gains<\/a>. There was a minor decline below the $57,000 level, but the price is still above the 23.6% Fib retracement level of the recent wave from the $50,950 swing low to the $57,572 high.<\/p>\n

Bitcoin is now trading above $56,000 and the 100 hourly Simple moving average. Immediate resistance is near the $57,200 level. The next key resistance could be $57,500.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

There is also a rising channel forming with resistance near $57,650 on the hourly chart of the BTC\/USD pair, above which the price could rise toward the $58,000 resistance zone. If the bulls remain in action, the price could even surpass $58,000 and test $58,800. The main hurdle for them is visible near the $60,000 zone.<\/p>\n

Are Dips Supported In BTC?<\/h2>\n

If Bitcoin fails to rise above the $57,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $56,800 level.<\/p>\n

The first major support is $56,000. If there is a close below $56,000, the price could start a decent pullback toward the 50% Fib retracement level of the recent wave from the $50,950 swing low to the $57,572 high at $54,250. Any more losses might send the price toward the $53,200 support zone.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $56,800, followed by $56,000.<\/p>\n

Major Resistance Levels \u2013 $57,500, $57,650, and $58,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-36518","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=36518"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36518\/revisions"}],"predecessor-version":[{"id":36523,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36518\/revisions\/36523"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36518"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}