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Bitcoin is strongly bullish at the time of writing and it could approach and reach the 60,000 psychological level soon.
The price has taken out a new upside obstacle, so the bias is bullish. Actually, BTC/USD was expected to increase again after failing to stabilize under $48,000 psychological level. The aggressive breakout above the $50,000 signaled a new leg higher.
Bitcoin's further growth should push the altcoins higher as well in the coming period. Technically and fundamentally, BTC/USD is bullish and it could extend its major and long-term uptrend.
It's traded at $58,800 at the time of writing above $58,550 former high signaling strong buyers. It has confirmed the breakout above $56,873 and through the upside 50% Fibonacci line by retesting these levels.
Closing above the former high signal a further growth at least until $60,000 psychological level. Actually, the next upside target is seen at the $60,100 level. The R1 ($60,501) and the upper median line (uml) could attract the price.
Closing above $58,550 validates a further growth towards the R1 ($60,501). The rate could approach and reach the red uptrend line in the coming days which is seen as a strong upside target.
The bias remains bullish as long as it stays above $56,873 static support.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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