Bitcoin price is currently facing resistance near $58,250 and $58,500 against the US Dollar. BTC could dip in the short-term, but the bulls are likely to remain active near $57,000.
Bitcoin remained well bid above the $56,500 support zone. As a result, BTC started a fresh increase above the $57,000 and $57,250 resistance levels.
The price even cleared the 23.6% Fib retracement level of the recent drop from the $59,872 high to $56,488 low. However, the price seems to be facing a strong resistance near the $58,250 and $58,500 levels.
It is now trading well below $58,500 and the 100 hourly simple moving average. An immediate resistance is near the $58,180 level. It is near the 50% Fib retracement level of the recent drop from the $59,872 high to $56,488 low.
Source: BTCUSD on TradingView.com
The main resistance is forming near the $58,500 level (a multi-touch zone). There is also a key bearish trend line forming with resistance near $58,600 on the hourly chart of the BTC/USD pair.
If there is an upside break above the $58,250 and $58,500 resistance levels, there are chances of a steady increase. In the stated case, bitcoin price is likely to rise towards the $60,000 and $60,500 levels.
If bitcoin fails to climb above $58,250 and $58,500, there could be a downside correction. The first major support on the downside is near the $57,500 level.
The next major support is near the $57,150 level, below which the price might decline towards the main $56,500 support zone. If there is a downside break below the $56,500 support level, the bulls are likely to lose control. In this case, the bears are likely to aim a test of the $55,000 level.
Technical indicators:
Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $57,000, followed by $56,500.
Major Resistance Levels – $58,180, $58,250 and $58,500.
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