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Bitcoin Resumes Bullish Momentum, Targets $57,840 Milestone

Azeez Mustapha
Updated 2 min read
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Bitcoin Resumes Bullish Momentum, Targets $57,840 Milestone

Bitcoin Targets $57,840 as Bullish Momentum Reignites

Bitcoin crypto resumes bullish momentum, targets the $57,840 milestone. The cryptocurrency market has been on a wild ride lately, and Bitcoin, the flagship digital asset, is no exception. After facing bearish pressure in recent weeks, Bitcoin has now resumed its bullish momentum, with the price making a strong push towards the crucial $57,840 price level.


Bitcoin Price Levels

Resistance Levels: $65000, $71000
Support Levels: $57800, $60000
Bitcoin Resumes Bullish Momentum, Targets $57,840 Milestone The recent bullish resurgence in Bitcoin’s price started towards the end of last week, as the buyers managed to keep a straight face and maintain their momentum. This comes after a period of selling pressure, where the sellers had attempted to breach the $49,000 significant zone at the beginning of August.

The crypto price began to correct itself as the buyers pushed the price back up to the $65,000 significant level. However, the sellers made another attempt to cause a dip in the price. However, this time, they failed to reach the $49,000 market zone and were stuck at pushing the price down to the $52,800 significant zone.

The beginning of this week has been a major recovery period for the buyers, as the bullish momentum is currently approaching the $57,800 key zone. The Momentum indicator is making an attempt to push back into the positive area. Also the Parabolic SAR (Stop and Reverse) indicator has just changed direction to the bullish side.


Market Expectation

On the short-term timeframe, the buyers continue to give their all, but the $57,800 key level might prove to be a challenging feat for them. The market is already consolidating below this key zone, hoping for a breakout.
Bitcoin Resumes Bullish Momentum, Targets $57,840 Milestone However, the Momentum indicator and Parabolic SAR indicator remain on the rise, suggesting that the bullish momentum is still intact. If the buyers are able to breach the $57,840 level, it could open the door for further upside potential in the Bitcoin market. This will be considered in the best crypto signals.

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