Bitcoin Price Analysis: BTC/USD Forms Base Above $56K, Aims to Clear $62.5K Resistance

Bitcoin price formed a base above the $56,000 level and started a fresh increase. BTC/USD climbed above the $58,000 resistance to start a decent increase.

Bitcoin Price Technical Analysis: Key Highlights

Bitcoin price formed a base above the $56,000 level and started a fresh increase. BTC/USD climbed above the $58,000 resistance to start a decent increase.

Looking at the 4-hour chart, the price gained pace for a move above the 50% Fib retracement level of the downward move from the $62,707 swing high to the $55,999 low. It cleared a key contracting triangle with resistance at $60,800.

The price is now trading above the 61.8% Fib retracement level of the downward move from the $62,707 swing high to the $55,999 low, and the 100 simple moving average (red, 4 hours).

On the upside, the price might struggle to clear the $62,500 resistance and the 200 simple moving average (green, 4 hours). A successful close above $62,500 might start another steady increase. In the stated case, the price may perhaps rise toward the $65,000 level.

Immediate support is near the $59,500 level. The next key support sits at $58,500. A downside break below $58,500 might send Bitcoin toward the $55,000 support. Any more losses might send the price toward the $52,500 support zone.

Looking at gold, the price is rising and there could be more upsides above the $2,500 level in the near term.