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Bitcoin price has started a promising increase, successfully breaking through the $56,500 resistance level. However, BTC is currently struggling to overcome the $58,000 resistance and is in a phase of consolidating its gains.
- Bitcoin is attempting a fresh increase from the $52,500 support zone.
- The price is trading above $56,500 and the 100 hourly Simple Moving Average (SMA).
- There is a connecting bullish trend line forming with support at $56,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain momentum if it clears the $58,000 and $58,200 resistance levels in the near term.
Bitcoin Price Faces Resistance
Bitcoin price initiated a decent surge after successfully breaking through the $55,000 resistance zone. BTC managed to climb above the $56,500 resistance level, even spiking above the $58,000 resistance zone. The recent swing high was recorded at $58,000, and the price is currently consolidating its gains.
There was a minor decline below the $57,000 level. The price dipped below the 23.6% Fibonacci retracement level of the upward move from the $53,643 swing low to the $58,000 high. Currently, Bitcoin is trading above $56,500 and the 100 hourly SMA. Additionally, there is a connecting bullish trend line forming with support at $56,800 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $57,500 level. The first key resistance is around the $58,000 level. A clear move above this resistance might initiate a steady increase in the coming sessions. The next significant resistance could be at $58,800. A close above the $58,800 resistance could potentially spark more upside momentum. In such a scenario, the price might rise and test the $60,000 resistance level.
Another Decline In BTC?
If Bitcoin fails to rise above the $57,500 resistance zone, it could start another decline. Immediate support on the downside is near the $56,800 level and the trend line. The first major support is at $55,300 or the 61.8% Fibonacci retracement level of the upward move from the $53,643 swing low to the $58,000 high.
The next support is now near the $54,200 zone. Further losses might drive the price towards the $53,500 support in the near term.
Technical Indicators
Hourly MACD
The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index)
The RSI for BTC/USD is now below the 50 level.
Major Support Levels
- $56,800
- $55,300
Major Resistance Levels
- $57,500
- $58,000
