Bitcoin price has started a decent rally above the $55,500 resistance. BTC is consolidating and could seek more growth if it breaks the $58,000 resistance.
- Bitcoin is rising from the $52,500 support zone.
- The price is trading above $55,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a breakout of a key bearish trend line with resistance at $55,300.
- In the near term, the pair will face resistance near the $58,000 and $58,200 levels.
Bitcoin Price Begins to Recover
Bitcoin price started a decent rally after breaking the $55,500 resistance zone. BTC picked up the pace and managed to break the $56,200 resistance. On the hourly chart, BTC/USD broke above the key bearish trend line with resistance at $55,300.
The pair even rose above the $58,000 resistance zone. The high was formed at $58,050 and now the price is consolidating the growth. There was a slight decline below the $57,500 level. The price dropped below the 23.6% Fibonacci retracement level of the upward movement from the swing low of $52,569 to the high of $58,050.
Bitcoin is currently trading above $55,500 and the 100-hour simple moving average. On the downside, the price may face resistance near $57,500. The first key resistance is near $58,000.
A clear break above the $58,000 resistance could push the price higher in the coming sessions. The next key resistance could be $58,500. A close above the $58,500 resistance could trigger more rallies. In this case, the price could rally and test the $60,000 resistance.
Another BTC Drop?
If Bitcoin fails to rise above the $58,000 resistance zone, it could begin a new decline. Immediate support on the downside is near the $56,750 level.
The first major support is $55,500 or the 50% Fibonacci retracement level of the uptrend from the $52,569 swing low to $58,050 high. The next support is now around the $53,500 zone. Any further losses could send the price towards the $52,600 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
The main support levels are $56,750, then $55,500.
The main resistance levels are $57,500 and $58,000.
