Bitcoin (BTC) Price Eyes More Upsides as It Breaks Above the $57.5K Resistance

Bitcoin price started a decent increase after it broke the $56200 resistance zone. BTC was able to climb above the $57000 resistance.

Bitcoin price began a solid increase after it broke through the $56,200 resistance zone. BTC is now showing positive signs and might aim for a move toward $60,000.

Bitcoin Price Eyes More Upsides

After breaking through the $56,200 resistance zone, Bitcoin price began a decent increase. BTC was able to climb above the $57,000 resistance. There was also a break above a short-term declining channel with resistance at $56,650 on the hourly chart of the BTC/USD pair.

The pair even cleared the $58,000 resistance zone. It traded as high as $58,450 and is currently consolidating gains. It is positioned above the 23.6% Fib retracement level of the upward move from the $55,548 swing low to the $58,450 high.

Bitcoin is now trading above $57,200 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $58,500 level.

The first key resistance is near the $58,800 level. A clear move above the $58,800 resistance might start a steady increase in the coming sessions. The next key resistance could be $59,500. A close above the $59,500 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance.

Another Dip In BTC?

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

The first major support is $57,000 or the 50% Fib retracement level of the upward move from the $55,548 swing low to the $58,450 high. The next support is now near the $56,000 zone. Any more losses might send the price toward the $55,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $57,000, followed by $56,000.

Major Resistance Levels – $58,500, and $58,800.

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