Bitcoin (BTC) is currently maintaining its value above the critical $57,500 resistance level, signaling a potential upward movement towards the $60,000 mark.
Bitcoin (BTC) price is currently trading above the critical $57,500 resistance level, indicating a potential upward movement towards the $60,000 mark. However, BTC price also faces resistance at lower levels, impacting its trajectory.
After beginning its upward price movement by surpassing the $57,000 resistance zone, BTC price gained further momentum, climbing above the $57,500 resistance and even clearing the $58,000 mark. Despite these gains, bearish activity remained significant, especially near the $58,500 resistance zone.
After recording a recent high at $58,450, BTC price began consolidating. There was a slight pullback from this level, with the price dipping below the 23.6% Fibonacci retracement level of the downward movement from the $55,550 swing low to the $58,450 high.
As a result of this pullback, the price briefly dropped below the 100-hourly Simple Moving Average and the contracting triangle on the BTC/USD pair’s hourly chart. However, it managed to recover quickly, remaining above these technical indicators once again.
At the time of writing, BTC price is trading above $57,500 and the 100-hourly Simple Moving Average. Resistance is encountered at the $58,500 level, highlighted by the contracting triangle on the BTC/USD hourly chart.
The initial major resistance level is close to $58,650. If Bitcoin breaks through this level, it could trigger a steady increase, targeting the next resistance at $59,200. Clearing this barrier would pave the way for the cryptocurrency to test the $60,000 resistance.
On the other hand, if Bitcoin fails to overcome the $58,500 resistance zone, it may experience another decline. Immediate support is present near the $57,600 level, while major support is around $56,650, aligning with the 61.8% Fibonacci retracement level of the earlier upward movement from $55,550 to $58,450.
Should this support fail, the price could drop further to the $56,220 zone, with the $55,550 level acting as another critical support point in the near term.
Technical indicators on the hourly time frame suggest mixed signals. The Hourly MACD is losing momentum in the bullish zone, while the Hourly RSI for BTC/USD is still above the 50 level, indicating some level of market strength.
Major support levels are identified at $57,600 and $55,550, with significant resistance at $58,500 and $58,650. The market’s next moves will be crucial in determining whether Bitcoin can continue its ascent or if it will face further downward pressure.
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