- Bitcoin cuts through $56,000 as buyers look forward to gains toward $60,000.
A golden cross pattern on the 4-hour chart validated the bullish outlook.
Support at $54,000 must be defended at all costs to avoid potential declines to $50,000.
Bitcoin has drawn much closer to $58,000 after slicing through 56,000. The flagship cryptocurrency’s uptrend is mainly fueled by speculation that it will hit a new all-time high again. At the time of writing, BTC is trading at $56,260 amid the push for higher levels.
Higher support has been established at $54,000, assisting in sustaining the uptrend while keeping bears in check. On the upside, the only remaining key barrier is the record high traded at $58,000.
A comprehensive look at the Moving Average Convergence Divergence (MACD), we can tell that BTC’s uptrend is secure, at least for now. The MACD is raised within the positive region. Besides, the MACD line (blue) continues to widen the gap above the signal line, further confirming the bullish outlook.
Another bullish signal is the recent golden cross pattern on the 4-hour chart. This pattern occurs when a short-term moving average crosses above a long-term moving average. For instance, the 50 Simple Moving Average (SMA) crossed above the 100 SMA, emphasizing the bulls’ position in the market.
Bitcoin must seek another higher support, preferably above $56,000. This way, bulls will have the confidence and the opportunity to focus on breaking the all-time high barrier of $58,000. Trading above this zone would shift the buyer’s focus to $60,000.
On the flip side, a bearish outlook will come into the picture if Bitcoin drops under $54,000. The bearish leg will extend to $52,000 and perhaps touch the 50 SMA support marginally above $50,000 before another recovery comes into the picture.
Bitcoin intraday levels
Spot rate: $56,260
Relative change: 70
Percentage change: 0.12%
Trend: Bullish
Volatility: Low
