Analysts name the main conditions for the growth of the bitcoin cryptocurrency

The flagship cryptocurrency maintains its position above the $ 58,000 support level. According to analysts, the token’s price is showing an upward trend and may reach the resistance level of $ 60,000.

After a short-term decline below $ 60,000, BTC $94,418.26 Bitcoin -2.91% Market capitalization $1.87 trillion VOL. 24 hours $1.93 billion began to recover. Bitcoin has risen above $ 58,500, but remains below $ 60,000 and the 100-hour simple moving average. The key obstacle to growth is resistance at $ 60,000. If bitcoin can gain a foothold above this level, the price is likely to rise to $ 61,200.

On the way to further growth, BTC may face additional obstacles at $ 62,500. A breakout of this level could lead to a test of the next important resistance near $ 64,200.

If bitcoin fails to overcome resistance at $ 60,000, there is a risk of further decline. In this case, the nearest support is at $ 58,800, and the main support is at $ 57,650. In the event of a further decline, the price could fall to $ 55,500 or even $ 55,000.

Technical indicators such as MACD and RSI show signs of positive dynamics, but the market remains volatile. This indicates that bitcoin is at a crossroads and could go either up or down, depending on further developments.