Bitcoin Price Aims Higher

Bitcoin price started a recovery wave above the $56500 level. BTC even climbed above the $57500 level. However, the bears are again active near the $58500 resistance zone.

Bitcoin price recovered above the $56,500 level and it might gain bullish momentum if it clears the $58,500 resistance zone. BTC encountered sellers once again near the mentioned resistance.

After forming a high at $58,200, the price began to consolidate in a range. It also tested the 23.6% Fib retracement level of the upward move from the $54,955 swing low to the $58,200 high. The bulls appear to be active above the $57,000 level.

Bitcoin price is now trading above $57,200 and the 100 hourly Simple moving average. Moreover, there is a connecting bullish trend line forming with support at $57,200 on the hourly chart of the BTC/USD pair. The immediate resistance on the upside is near the $58,200 level.

The first key resistance is encountered around the $58,500 level. A clear move above the $58,500 resistance might initiate a decent rise in the coming sessions. The next key resistance could be at $59,200.

A close above the $59,200 resistance might spark a sustained rise and push the price higher. In the mentioned case, the price could rise and test the $60,000 resistance. Any further gains might be limited.

If Bitcoin fails to climb above the $58,500 resistance zone, it could begin another decline. Immediate support on the downside is near the $57,400 level.

The first major support is at $57,200 and the trend line. The next support is now around $56,200 and the 61.8% Fib retracement level of the upward move from the $54,955 swing low to the $58,200 high. Any further losses might drive the price towards the $55,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is currently losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $57,200, followed by $56,200.

Major Resistance Levels – $58,200, and $58,500.

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