Bitcoin Price Looks Set to Rocket Past $6000

Bitcoin price is surging higher and recently traded above $5800 against the US Dollar. BTC/USD might soon gain momentum to challenge $6000.

Key Points

• Bitcoin price gained heavy bids recently and spiked to a new all-time higher above $5800 against the US Dollar.
• There is a short-term contracting triangle forming with support at $5500 on the hourly chart of BTC/USD.
• As long as the pair is above $5350, it could surpass all sell offers near $6000.

Bitcoin Price Analysis and BTC/USD Forecast

It turned out to be an impressive week for Bitcoin price as it surged above the $5000 handle against the US Dollar. The BTC/USD pair traded to a new all-time at $5855 and is currently consolidating gains.

It corrected lower below the 50% Fibonacci retracement level of the last wave from the $5210 low to $5855 high. However, the downside correction wave found support near $5450 and the price is currently recovering.

The price was rejected from the 61.8% % Fibonacci retracement level of the last wave from the $5210 low to $5855 high. Therefore, there is a chance that the price might resume its uptrend above the 5700 level in the near term.

At the moment, there is a short-term contracting triangle forming with support at $5500 on the hourly chart of BTC/USD.

The triangle resistance is near $5700-20. A successful close above the mentioned $5720 resistance would set the pace for at least a test of $5855.

Should there be a break above $5855, the price would easily climb towards $6000. The hourly RSI is at 62 and is showing positive signs, which means BTC/USD remains in the bullish zone above $5400.

Buying as long as the price is above $5400-5350 can be considered, but with a stop on a close below the $5300 level. Alternatively, a close above $5720 could also trigger a solid rally. The overall trend remains bullish for further gains in the near term.

Trade safe traders and enjoy the ride!!!

Chart Courtesy: Trading View