Bitcoin Price Analysis: BTC reconstructs bullish outlook to crown the weekend with $60,000

• Bitcoin bounces off ascending channel support to step above $55,500 in the short term.
• The short-term technical picture improves as bulls target highs above the middle hurdle and 100 SMA.

Bitcoin extended the bearish action significantly following the rejection at $55,000. Tentative support at $54,000 failed to stop the sellers’ advances, allowing the price to explore lower leeks around the 50 Simple Moving Average (SMA) on the four-hour chart. BTC trades at $53,633 at the time of writing amid a bullish building momentum.