Earlier last week, the price of the world’s leading cryptocurrency Bitcoin (BTC) has shown strong signs of long-term bullish continuation. The cryptocurrency is expected to continue moving upwards, resuming its bullish trend.
By the end of last week, Bitcoin (BTC) rebounded after going below $50,000 just two weeks ago. In the weekend, the cryptocurrency surpassed a technical hurdle, a signal towards further gains.
The flagship cryptocurrency gained momentum and settled above the $57,000 level against the U.S. Dollar. If the momentum continues, BTC is likely to break the $58,500 resistance while triggering a strong rally.
BTC had climbed past its price average over the past 50 days, usually seen as a measure of bullish momentum.
And it seems like the leading cryptocurrency has just begun wave five of its long-term bullish signal, supported both by the price movement and readings from technical indicators.
Bitcoin (BTC) started this week on a steady increase while breaking the $56,500 resistance zone. The cryptocurrency is now trading well above the $56,000 level and the 100 hourly simple moving average.
On analyzing the hourly BTC/USD trading pairs, there seems to be a key bullish trend line forming with support near $56,800 on the hourly chart of the BTC/USD pair.
As of now, BTC failed to clear the $58,500 resistance level and corrected lower. The cryptocurrency traded below the $57,000 level, but it remained well above the 100 hourly simple moving average.
A low was formed near the $56,000 level with its price recently starting a bullish momentum. There was a break above the $56,500 and $57,000 resistance levels.
The cryptocurrency climbed above the 50% Fib retracement level of the downward move from the $58,550 swing high to $56,112 low.
Meanwhile, if the digital asset fails to clear the $58,500 resistance, it could correct lower once again with initial support on the downside near the $57,500 level.
However, the pair could likely start a strong rally if it clears the $58,500 resistance zone in the near term.