Bitcoin (BTC) Price Starts Recovery, Might Aim for More Gains if it Clears the $58,000 Resistance

Bitcoin price started a decent increase after it broke the $55,500 resistance zone. BTC gained pace and was able to clear the $56,200 resistance.

Bitcoin (BTC) price started a decent recovery from the recent lows. BTC is consolidating gains and might aim for more if it clears the $58,000 resistance.

Bitcoin Price Action

Bitcoin price showed signs of recovery last week as it climbed above the $55,500 resistance. BTC gained pace and was able to clear the $56,200 resistance. There was a break above a key bearish trend line with resistance at $55,300 on the hourly chart of the BTC/USD pair.

The BTC/USD pair even spiked above the $58,000 resistance zone. A high was formed at $58,050 and the price is now consolidating gains. There was a minor decline below the $57,500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $52,569 swing low to the $58,050 high.

However, BTC price is still trading above $55,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $57,500 level. The first key resistance is now near the $58,000 level.

A clear move above the $58,000 resistance might send the price further higher in the coming sessions. The next key resistance could be at $58,500. A close above the $58,500 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance.

Another Decline In BTC?

If Bitcoin fails to rise above the $58,000 resistance zone, it could start another decline. Immediate support on the downside is close to the $56,750 level.

The first major support is at $55,500 or the 50% Fib retracement level of the upward move from the $52,569 swing low to the $58,050 high. The next support is now near the $53,500 zone. Any further losses might send the price toward the $52,600 support in the near term.

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