Bitcoin is currently maintaining its value above the critical $57,500 resistance level, signaling a potential upward movement towards the $60,000 mark. The cryptocurrency has managed to break the $57,200 support zone, indicating a fresh increase in its value. Trading above $57,500 and the 100-hourly Simple Moving Average, Bitcoin has shown positive trends, with a key contracting triangle forming and resistance positioned at $58,500 on the BTC/USD pair’s hourly chart.
The price of Bitcoin began its upward trajectory after surpassing the $57,000 resistance zone. This positive momentum allowed it to climb above the $57,500 resistance and even clear the $58,000 mark. Despite these gains, bearish activity remains significant, particularly near the $58,500 resistance zone. A recent high was recorded at $58,450, and the price has since been consolidating. There was a slight pullback below $58,000, with the price dipping beneath the 23.6% Fibonacci retracement level from the $55,550 swing low to the $58,450 high.
Currently trading above $57,500 and the 100-hourly Simple Moving Average, Bitcoin faces resistance at the $58,500 level. The contracting triangle on the BTC/USD hourly chart marks this critical resistance point. The initial major resistance level is near $58,650. Should Bitcoin break through this, it could trigger a steady increase, targeting the next resistance at $59,200. Clearing this barrier could pave the way for the cryptocurrency to test the $60,000 resistance.
Conversely, if Bitcoin fails to overcome the $58,500 resistance zone, it may experience another decline. Immediate support is present near the $57,600 level, with major support 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 suggest mixed signals. The Hourly MACD is losing momentum in the bullish zone, while the Hourly RSI for BTC/USD remains 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.
