BTC analysis – the price breaks $ 58,000 and growth continues even higher

After creating a local low of $ 53,900, BTC continues its upward trend, with dominance rising only slightly to 45.43%. At the time of writing, BTC is already trading at $ 58,019, bringing us closer to $ 59,000 resistance. Volumes also increased slightly on the side of bulls, but RSI is currently overcoming the trend of negative divergence.

BTC is heading for our $ 59,000 target, which is the resistance of a long-term local maximum that was created after ATH. Above the level of $ 59,000 sharply the number of historical transactions decreases. It is thus possible that a breakthrough would mean an attack on the last ATH. However, it must not be forgotten that the price of BTC has risen by more than 42.30% in just two weeks without any correction.

BTC / USD 4H. Source: TradingView

BTC is heading for $ 59,000

So far, the price has more or less stagnated from October 6 to 13, which it created cooling trend and the market has moved from the overbought phase to the neutral phase. This created space for another growing trend in which we find ourselves. In the meantime, the support level still remains at $ 53,000, but even the last sideway structure may mean support for future corrections.

RSI is struggling with the resistance of negative divergence, but we are likely to break it if the price goes to the $ 59,000 target. RSI would predict continuing growing trend and the divergence would be terminated. Volumes have also increased on the bull side, but it is still not a high number.