Bitcoin Aims Fresh Run To $60K, Why Bulls Could Face Hurdles

Bitcoin is trading above the $56,200 support against the US Dollar. BTC must clear $58,500 to start a major increase in the coming sessions. Bitcoin is struggling to gain pace above the $58,000 and $58,500 levels. The price is still trading above $57,000 and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $58,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $58,500 resistance to start a steady increase in the near term. Bitcoin Price is Showing Bullish Signs Bitcoin price corrected lower below the $57,000 support level. However, BTC remained stable above the $56,200 support level and the 100 hourly simple moving average. The recent low was near $56,555 and the price is now moving higher. It broke the $57,000 resistance zone. There was a break above the 23.6% Fib retracement level of the recent decline from the $59,230 swing high to $56,555 low. It is still trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $57,850 level. It is near the 50% Fib retracement level of the recent decline from the $59,230 swing high to $56,555 low. The first major resistance is near the $58,200 level. There is also a major contracting triangle forming with resistance near $58,200 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com A clear break above the $58,200 res...