The price of Bitcoin continued to rise towards $58,000. BTC is now consolidating gains and could soon look to post more gains towards the USD 60,000 resistance.
- Bitcoin price is consolidating gains below the USD 57,500 resistance zone.
- The price is trading above USD 56,000 and the 100 hourly Simple Moving Average.
- An ascending channel is forming with resistance near $57,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its current rally towards the $60,000 resistance zone.
Bitcoin Price Faces New Hurdle
Bitcoin price extended its rally above the USD 55,000 resistance zone. BTC gained bullish momentum after breaking the USD 55,500 and USD 56,000 resistance levels. There was also a spike above the USD 57,000 resistance zone.
A new multi-week high is formed near $57,572 and the price is now consolidating gains. There was a small decline below the $57,000 level, but the price is still above the 23.6% Fib retracement level of the recent wave from the $50,950 swing low to the $57,572 high.
Bitcoin is now trading above $56,000 and the 100 hourly Simple Moving Average. The immediate resistance is near the $57,200 level. The next major resistance could be at USD 57,500.
Source: BTCUSD on TradingView.com
An ascending channel is also forming with resistance near $57,650 on the hourly chart of the BTC/USD pair, above which the price could rise towards the $58,000 resistance zone. If the bulls remain in action, the price could even cross USD 58,000 and challenge USD 58,800. The main hurdle for them is visible near the $60,000 zone.
Are dips supported in BTC?
If Bitcoin fails to rise above the USD 57,500 resistance zone, a downward correction could occur. The immediate downside support is near the $56,800 level.
The first major support is $56,000. If there is a close below $56,000, the price could stage a significant pullback towards the 50% Fib retracement level of the recent wave, from the $50,950 swing low to the $57,572 high at $54,250. Any further losses could send the price towards the $53,200 support zone.
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 above the 50 level.
Major support levels – USD 56,800, followed by USD 56,000.
Major resistance levels – $57,500, $57,650 and $58,000.
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