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Bitcoin price started a decent rise above the USD 56,500 resistance. BTC is now struggling to overcome the USD 58,000 resistance and consolidating gains.
- Bitcoin attempts another increase from the $52,500 support zone.
- The price is trading above USD 56,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is 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 overcomes the USD 58,000 and USD 58,200 resistance levels in the near term.
Bitcoin price faces resistance
Bitcoin price started to rise significantly after breaking the USD 55,000 resistance zone. BTC was able to climb above the USD 56,500 resistance. The price even peaked above the USD 58,000 resistance zone.
The recent swing high was formed at $58,000 and the price is now consolidating gains. There was a small decline below the $57,000 level. The price fell below the 23.6% Fib retracement level of the upward move from the $53,643 swing low to the $58,000 high.
Bitcoin is now trading above $56,500 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $56,800 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance near the USD 57,500 level. The first major resistance is around the $58,000 level. A clear move above the USD 58,000 resistance could trigger a steady rise in the coming sessions. The next major resistance could be at USD 58,800. A close above the $58,800 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 60,000 resistance.
Another drop in BTC?
If Bitcoin fails to rise above the USD 57,500 resistance zone, it could trigger another decline. The immediate downside support is near the $56,800 level and the trendline.
The first major support is $55,300 or the 61.8% Fib 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. Any further losses could send the price towards the USD 53,500 support in the short 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 – USD 56,800, followed by USD 55,300.
Major resistance levels – $57,500 and $58,000.