Bitcoin price rallied further toward $58,000. BTC is now consolidating gains and might soon attempt more gains toward the $60,000 resistance.
- Bitcoin price is consolidating gains below the $57,500 resistance zone.
- The price is trading above $56,000 and the 100 hourly Simple moving average.
- There is a rising channel forming with resistance near $57,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its current rally toward the $60,000 resistance zone.
Bitcoin Price Faces Fresh Hurdle
Bitcoin price extended its rally above the $55,000 resistance zone. BTC gained bullish momentum after it broke the $55,500 and $56,000 resistance levels. There was also a spike above the $57,000 resistance zone.
A new multi-week high is formed near $57,572 and the price is now consolidating gains. There was a minor decline below the $57,000 level, but the price is still above the 23.6% Fib retracement level of the recent wave from the $50,950 swing low to the $57,572 high.
Bitcoin is now trading above $56,000 and the 100 hourly Simple moving average. Immediate resistance is near the $57,200 level. The next key resistance could be $57,500.
Source: BTCUSD on TradingView.com
There is also a rising channel forming with resistance near $57,650 on the hourly chart of the BTC/USD pair, above which the price could rise toward the $58,000 resistance zone. If the bulls remain in action, the price could even surpass $58,000 and test $58,800. The main hurdle for them is visible near the $60,000 zone.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $57,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $56,800 level.
The first major support is $56,000. If there is a close below $56,000, the price could start a decent pullback toward the 50% Fib retracement level of the recent wave from the $50,950 swing low to the $57,572 high at $54,250. Any more losses might send the price toward the $53,200 support zone.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $56,800, followed by $56,000.
Major Resistance Levels – $57,500, $57,650, and $58,000.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Author: Aayush Jindal
