Bitcoin price continued to rise towards $58,000. BTC is now consolidating its gains and could soon attempt further gains towards the $60,000 resistance level.
- Bitcoin price is consolidating gains below the $57,500 resistance zone.
- The price is above $56,000 and the 100 hourly simple moving average.
- A rising channel is 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 towards the $60,000 resistance zone.
Bitcoin price faces a new hurdle
Bitcoin price extended its rally above the $55,000 resistance zone. BTC gained bullish momentum after breaking the $55,500 and $56,000 resistance levels. There was also a rise above the $57,000 resistance zone.
A new multi-week high is formed at $57,572 and the price is now consolidating gains. There was a slight decline below the $57,000 level, but the price is still above the 23.6% Fib retracement level of the recent wave from the swing low at $50,950 to the high at $57,572.
Bitcoin is now trading above $56,000 and the 100 hourly simple moving average. The immediate resistance is near the $57,200 level. The next key resistance could be at $57,500.
Source: BTCUSD on TradingView.com
There is also a rising channel forming on the hourly chart of the BTC/USD pair with resistance near $57,650, above which the price could rise towards the $58,000 resistance zone. If bulls stay in action, the price could even surpass $58,000 and test the $58,800 level. The biggest hurdle for them is near the $60,000 zone.
Are dips in BTC supported?
If Bitcoin fails to rise above the $57,500 resistance zone, a downward correction could occur. The immediate downside support is near the $56,800 level.
The first major support is $56,000. If the close is below $56,000, the price could begin a decent pullback towards the 50% Fib retracement level of the recent wave from the swing low of $50,950 to the high of $57,572 at $54,250. Any further losses could push the price towards 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.
Main support levels – $56,800, followed by $56,000.
Major resistance levels – $57,500, $57,650 and $58,000.
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