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Bitcoin Starts Fresh Rally To $60K, What Could Fuel More Upsides

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Bitcoin remained strong above the $54,000 level against the US Dollar. BTC started a fresh increase and it could rally above $58,500 and $59,500. Bitcoin started a fresh increase and it broke the $58,000 level. The price is now trading above $57,500 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $56,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could accelerate higher towards the $60,000 level in the near term.

Bitcoin Price Gains Pace

Bitcoin price found support near the $54,000 level and started a fresh increase. BTC broke the key $57,000 resistance zone to enter again into a positive zone.
There was a break above a key bearish trend line with resistance near $56,500 on the hourly chart of the BTC/USD pair. The pair accelerated higher above the $57,500 level and the 100 hourly simple moving average.
Bitcoin surpassed the 76.4% Fib retracement level of the key drop from the $57,835 swing high to $54,020 low. It opened the doors for a fresh high above the $58,000 level. The price is now accelerating higher above the $58,000 level.
On the upside, an initial resistance is near the $58,750 level. It is near the 1.236 Fib extension level of the key drop from the $57,835 swing high to $54,020 low.

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