- Bitcoin knocks at the middle boundary resistance while nurturing a new uptrend.
A pattern points at BTC potential breakout above $60,000.
The hurdle at the 100 on the four-hour chart could lead to an increase in overhead pressure.
Bitcoin slumped to $56,000 on Wednesday following widespread declines in the market. The correction came into the picture after multiple failed attempts by the bulls to break above the stubborn resistance at $60,000. In the meantime, BTC dodders at $56,640 as bulls battles the immediate hurdle, highlighted by the middle boundary.
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 is likely to extend the up leg past the upper range limit at $60,000. It is essential to realize that the lower range limit has also been reinforced by the 50-day ( ).
Bitcoin’s uptrend will likely be validated by a pattern being molded on the four-hour chart. This pattern is highly and could lead to massive gains beyond $60,000 and perhaps elevate the flagship cryptocurrency to a new record high.
The ( ) on the four-hour chart reveals a building momentum. The trend strength indicator almost hot the oversold territory amidst the downswing to $56,000 but is currently heading north. If the movement crosses above the midline, Bitcoin would most likely catch momentum while getting ready for the breakout.
It is worth noting that Bitcoin faces resistance at the 100 on the four-hour chart. If bulls fail to slice through this level, overhead pressure may begin to mount. On the flip side, support has been established at $56,000, but if it fails, the bellwether cryptocurrency will extend the down leg toward $60,000.
Bitcoin intraday levels
Spot rate: $56,640
Support: $56,000 and $54,000