Bitcoin price rose further towards $58,000. BTC is now consolidating gains and may soon attempt further gains towards $60,000 resistance.
- Bitcoin price is consolidating gains below the $57,500 resistance zone.
- The price is trading above $56,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a rising channel with resistance near $57,650.
- The pair could extend the current rally towards the $60,000 resistance area.
Bitcoin Price Faces New Hurdle
Bitcoin price continued its upward trend above the $55,000 resistance zone. BTC gained bullish momentum after breaking the resistance levels of $55,500 and $56,000. A spike also occurred above the $57,000 resistance zone.
A new multi-week high was formed near $57,572 and the price is currently on an upward trend. Although there has been a slight decline below the $57,000 level, the price is still above the 23.6% Fib retracement level of the recent wave from the $50,950 low to the $57,572 high.
Bitcoin is currently trading above $56,000 and the 100-hour simple moving average. Immediate resistance is near the $57,200 level. The next major resistance could be $57,500.
Source: TradingView.com BTCUSD
Additionally, the hourly chart of the BTC/USD pair shows a rising channel with resistance forming near $57,650, beyond which the price may rise towards the $58,000 resistance area. If the bulls remain active, the price may cross $58,000 and test $58,800. The biggest hurdle for them is around $60,000.
Are dips supported in BTC?
If Bitcoin fails to rise above the $57,500 resistance zone, a downward correction could begin. Immediate support for the downside is near the $56,800 level.
The first major support is $56,000. If the close is below $56,000, the price could begin a significant decline towards the 50% Fib retracement level of the recent wave, from the low of $50,950 to the high of $54,250 of $57,572. Any more losses could lead the price towards the $53,200 support area.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $56,800, then $56,000.
Key resistance levels – $57,500, $57,650 and $58,000.
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