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.
Bitcoin Signalling Another Bullish Rally
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 Gaining Bullish Momentum
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.