BITCOIN ANALYSIS Why Bitcoin Price Could Restart Rally Unless It Dives Below $56.5K Bitcoin price is correcting gains from $60,000 against the US Dollar. BTC is likely to start a fresh increase as long as there is no close below $56,500 and $55,250. Bitcoin gained bullish momentum above $58,000, but it failed to settle above $60,000. The price is now trading above the $56,500 support and the 100 simple moving average (4-hours). There is a key bullish trend line forming with support near $56,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase unless the bears gain strength below $56,500 in the near term. Bitcoin Price is Holding Key Support This past week, bitcoin price saw a steady increase above the $55,500 resistance against the US Dollar. The BTC/USD pair broke the $58,000 resistance and it settled above the 100 simple moving average (4-hours). The pair even climbed above the $59,500 level and spiked above the $60,000 resistance. However, there was no close above the $60,000 level. A high was formed near $60,030 and the price started a fresh decline. It broke the $58,500 and $58,000 support levels. The price declined below the 23.6% Fib retracement level of the upward move from the $50,465 swing low to $60,030 swing high. There was also a break below a connecting bullish trend line with support near $59,000 on the 4-hours chart of the BTC/USD pair. Let's keep pumping the market guys Guys Stay Bullish, Stay Humble, Stay Put #bitcoinpump #bitcoinbullish #bitcoincashout #bitcoincashwallet #bitcoinmining #bitcoinprice #bitcoincashmining #bitcoincashplus #bitcoincashpriceprediction #bitcointrading #bitcoincashfund #bitcoincashprice #bitcoins #bitcoinnews #bitcoinnewsdaily https://www.instagram.com/p/CNPZGPvgivW/?igshid=tnv5obszz79x










