Bitcoin price started a fresh increase above the $56,500 resistance zone against the US Dollar.
This past week, bitcoin price settled above the key $55,000 pivot level against the US Dollar.
It climbed above the $56,500 resistance zone and settled well above the 100 simple moving average .
There was a break below the 23.6% Fib retracement level of the upward move from the $56,859 swing low to $59,566 high.
On the downside, there is a major support forming near the $58,000 zone.
A successful close above the $59,500 and $60,000 resistance levels could open the doors for a strong rally in the coming sessions.
If bitcoin fails above the $60,000 level, there is a risk of a downside correction.
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