Bitcoin’s price saw a notable rise, surpassing the $56,500 resistance level. However, it now finds itself grappling with the $58,000 resistance, leading to a period of consolidation.
The surge began from the $52,500 support zone, with Bitcoin now trading above $56,500 and its 100-hourly Simple Moving Average. A supporting bullish trend line has emerged at $56,800 on the BTC/USD hourly chart, indicating potential stability. Should Bitcoin manage to break past the $58,000 and $58,200 resistance levels, we could see a significant upward movement in the short term.
Bitcoin experienced a respectable increase after breaching the $55,000 resistance, climbing above $56,500 and momentarily spiking past the $58,000 mark. However, this peak was met with resistance, leading to a consolidation phase. The cryptocurrency saw a minor dip below the $57,000 level, retracing slightly past the 23.6% Fibonacci retracement level, measured from the $53,643 swing low to the $58,000 high.
Currently, Bitcoin remains stable, trading over $56,500 and above its 100-hourly Simple Moving Average. A bullish trend line with support at $56,800 has also formed. On the upside, Bitcoin faces immediate resistance at $57,500, with the primary hurdle resting at $58,000. A decisive break above this level could trigger a steady rise. The next key resistance is located at $58,800, and surpassing it could see Bitcoin testing the $60,000 resistance level.
On the flip side, failure to break the $57,500 resistance could initiate another downturn. Immediate support is found at $56,800 and along the trend line. The first significant support level is $55,300, aligned with the 61.8% Fibonacci retracement. Further declines might drive the price towards the $54,200 zone, with potential for a drop to $53,500 if losses continue.
Technical indicators paint a picture of careful optimism. The hourly MACD is slowing down within the bullish territory, while the RSI has dipped below the 50 mark. Key support levels to watch are $56,800 and $55,300, with major resistance levels at $57,500 and $58,000.
