BTC\/USD<\/a> is leading the pack after regaining ground above $58,000. The cryptocurrency market is on the rise again, after retracing in the last few hours. Yesterday, the rejection from levels close to $60,000 lost traction before closing at $57,644. The buyers are now taking the advantage of the support at the 9-day MA to force the on-going reversal.<\/p>\nWhat to Expect from BTC\/USD<\/h4>\n
At the time of writing, BTC\/USD is dancing slightly above $58,000 while bulls work extra hard to boost to the $60,000 resistance level. The cheerful optimism seems to have been validated by the technical indicator RSI (14), as it rebounds above the 60-level heading to the north. However, the first digital asset could trigger a massive bull run if it breaks the resistance at the newly achieved all-time high at 61,000. Moreover, trading above $62,000 may see the king of cryptocurrencies enter the price discovery mode.<\/p>\n
Therefore, any further bullish movement above $62,000 could locate the potential resistance levels of $64,000, $66,000, and $68,000. On the other hand, a bearish narrative may come into the picture if Bitcoin closes the day under $55,000. Breaking below the lower boundary of the channel might trigger massive sell orders creating enough volume to force BTC into a downtrend while the critical supports may be located at $50,000, $48,000, and $46,000.<\/p>\n
BTC\/USD Medium-Term Trend: Ranging (4H Chart)<\/h4>\n
On the 4-hour chart, Bitcoin’s price is currently trading around $58,176 around the 9-day moving average after rebounding from the $57,452 low. Whereas, the 4-hour chart shows that the coin may likely experience a sideways movement as the signal line of RSI (14) is seen moving above the 55-level.<\/p>\n