Bitcoin price stayed in a range as the bulls plan to break the tug-of-war for a rebound of over $ 60,000

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• Bitcoin is knocking on the resistance of the Bollinger Band middle limit and at the same time creating a new upward trend.
• A falling wedge pattern suggests a possible BTC breakout above $ 60,000.
• The hurdle at 100 SMA on the four-hour chart could lead to an increase in overhead pressure.

Bitcoin fell to $ 56,000 on Wednesday after widespread market declines. The correction came into play after the bulls failed multiple times to surpass stubborn resistance at $ 60,000. Meanwhile, BTC is dodging at $ 56,640 as bulls clear the immediate hurdle highlighted by the Bollinger Band’s middle limit.

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A break above the immediate seller concentration zone would strengthen market stability while encouraging buyers to return to the market from the sidelines. As the tailwind builds, Bitcoin will likely extend the top leg beyond the $ 60,000 cap. It’s important to note that the lower bound of the range has also been reinforced by the 50-day Simple Moving Average (SMA).

BTC / USD daily chart

BTC / USD price chart from Tradingview

Bitcoin’s uptrend is likely to be confirmed by a falling wedge pattern being shaped on the four-hour chart. This pattern is very bullish and could result in massive profits over $ 60,000 and potentially push the flagship cryptocurrency to a new record high.

The Relative Strength Index (SMA) on the four-hour chart is showing bullish upward momentum. The trend strength indicator has made the oversold area almost hot in the midst of the downturn to $ 56,000 but is currently heading north. If the movement crossed the center line, Bitcoin would most likely gain momentum as it prepares for the falling wedge breakout.

BTC / USD four-hour chart

BTC / USD price chart from Tradingview

It’s worth noting that Bitcoin is facing resistance at the 100 SMA on the four-hour chart. If bulls don’t cut through this level, overhead pressures can increase. On the other hand, a support of $ 56,000 has been set. However, if that fails, the cryptocurrency extends the downward move to $ 60,000.

Bitcoin intraday levels

Spot rate: $ 56,640

Trend: bullish

Volatility: low

Support: $ 56,000 and $ 54,000

Resistance: 100 SMA (four hour chart), $ 58,000 and $ 60,000

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Disclaimer of liability

The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.

About the author

John is a talented writer with over two years of experience who actively contributes to the cryptocurrency industry by providing credible, engaging, and easy-to-read content. His main focus is on cryptocurrency price analysis and industry news coverage. Let’s follow him on Twitter @jjisige