BTC Price Analysis

BTC is trading at $58,191 at the time of writing this article which means that $60,000 is still acting as a strong resistance level.

We broke the 100 SMA and saw a drop down to $56,500 level, but we are trying to go for retest of the line. The RSI is on the rise, but we are not in overbought territory yet so we will retest that 100 SMA level. If we can get above that a strong breakout above the $60,000 would quicly get us to $61,825.84 and suggest that bulls are back in the driver’s seat.

That could signal the start of the next leg of the uptrend, which has a target objective at $69,200 and then $79,500 and the overall bullish trend will continue.

If the price action breaks down and once again reverses direction from the resistance zone, the BTC/ could drop to the $53,300 level. A break below this support level could price to fall tp the $50,500 level even worse a break of $50,000 could tigger a rug pull down to $47,000 which would not be great...

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