Bitcoin price is consolidating near the $57,500 zone. BTC could gain bullish momentum if it clears the $58,000 resistance zone in the near term.
- Bitcoin started a recovery wave above the $55,500 and $56,500 levels.
- The price is above $57,000 and the 100 hourly moving average.
- There was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might struggle to clear the $58,250 resistance zone.
Bitcoin price could continue to rise
Bitcoin price started a recovery wave above the $53,500 resistance zone. BTC was able to overcome the $55,500 and $56,500 resistance levels to move into a short-term positive zone.
There was a move above the 61.8% Fib retracement level of the key decline from the swing high of $61,040 to $49,110 swing low. Also, there was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC/USD pair.
The bulls are now attempting to attempt further upside moves above $57,500. Bitcoin price is currently trading above $57,000 and the 100 hourly moving average. On the upside, the price might face resistance near the $58,250 level. It is near the 76.4% Fib retracement level of the key decline from the $61,040 swing high to $49,110 swing low.
The first key resistance is near the $58,800 level. A clear rise above this $58,800 level could push the price further higher in the coming sessions. The next key resistance could be near $59,500. The next major hurdle is near $60,000. A close above the $60,000 level could trigger bullish moves. In the said case, the price could rise and test the $62,000 level.
Another decline in BTC?
If bitcoin fails to recover above the $58,250 resistance zone, it could start a further decline. Immediate support on the downside is near the $56,400 level and the 100 hourly SMA.
The first key support is at $54,500. The next support is now at $53,500. Any further losses could push the price towards the $52,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $56,400, followed by $54,500.
Key Resistance Levels – $58,250 and $58,800.