Bitcoin’s price is currently showing signs of a slow but steady increase above the $56,500 level. The cryptocurrency might see a bullish momentum if it manages to clear the $58,500 resistance zone. The recent recovery wave pushed the price above $57,000, with the 100 hourly Simple moving average providing support.
As per technical indicators, there is a connecting bullish trend line forming with support at $57,200 on the hourly chart of the BTC/USD pair. However, the bears are currently active near the $58,500 resistance zone, as indicated by the recent price consolidation around the $58,200 mark. The hourly MACD is losing pace in the bearish zone, while the RSI for BTC/USD is above the 50 level.
In the scenario where Bitcoin manages to break above the $58,500 resistance, a bullish increase is expected in the coming sessions. The immediate resistance levels to watch out for are $58,200 and $58,500. A clear move above $58,500 could pave the way for a steady increase towards $59,200. If the price surpasses $59,200 resistance, a test of the $60,000 zone could be on the horizon.
On the flip side, if Bitcoin fails to climb above the $58,500 resistance zone, a decline might be imminent. The immediate support is near $57,400, followed by major support levels at $57,200 and the trend line around the $56,200 mark. Further losses could potentially drop the price towards the $55,000 support zone in the near term.
Overall, the current price action for Bitcoin suggests a potential breakout above the $58,500 resistance zone if bullish momentum continues. However, failure to break above this level could lead to a downside move towards key support levels. Traders and investors should closely monitor the price movements and key resistance/support levels mentioned to make informed trading decisions.
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