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’s price encounters a new obstacle.
Bitcoin’s price continued its upward momentum, surpassing the $55,000 resistance area. The bullish trend strengthened with breakthroughs above $55,500 and $56,000, leading to a surge beyond the $57,000 resistance zone.
A recent high, marking a multi-week peak, was established at approximately $57,572, and the current situation involves consolidating these gains. Although a slight dip below the $57,000 mark occurred, the price remains above the 23.6% Fibonacci retracement level, calculated from the recent swing low of $50,950 to the high of $57,572.
Presently, Bitcoin is trading above $56,000 and the 100 hourly Simple Moving Average. Initial resistance is anticipated around the $57,200 level, with the subsequent significant hurdle positioned at $57,500.\
On the hourly chart of the BTC/USD pair, a rising channel is taking shape, and it encounters resistance in the vicinity of $57,650. Surpassing this level might propel the price towards the $58,000 resistance area. Should bullish momentum persist, there is potential for the price to exceed $58,000 and explore the $58,800 territory. However, a significant obstacle lies ahead for the bulls around the $60,000 zone.
Is there support for declines in BTC?
If Bitcoin is unable to surpass the $57,500 resistance range, a downside correction may initiate. Immediate support to the downside is located around the $56,800 mark.
The primary support level is at $56,000. A close below this level could trigger a substantial retracement towards the 50% Fibonacci retracement level of the recent movement, ranging from the $50,950 swing low to the $57,572 high, situated at $54,250. Further declines might lead the price towards the support zone at $53,200.
Technical Indicators:
Hourly MACD – The MACD is currently decelerating within the bullish region.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently above the 50 level.
Key Support Levels – $56,800, followed by $56,000.
Key Resistance Levels – $57,500, $57,650, and $58,000.