Bitcoin price has shown signs of a recovery wave above the $55,000 resistance level. However, in order to continue higher in the near term, BTC must clear the 100 hourly SMA. The price is currently trading below $58,000 and the 100 hourly Simple Moving Average.
Current Market Situation
There is a contracting triangle forming with resistance at $57,500 on the hourly chart of the BTC/USD pair. The pair might face struggles to clear the $58,000 resistance zone.
Bitcoin price recently formed a base and initiated a recovery wave above the $52,500 resistance zone. Bulls were able to clear the $53,500 and $55,500 resistance levels, showing signs of strength in the market. However, the bears might still be active near $58,000.
On the upside, the price could encounter resistance near the $57,500 level, with further resistance at $58,250 and $59,200. The major hurdle sits at $60,000, a level that could spark bullish moves if broken. Conversely, if Bitcoin fails to recover above the $58,250 resistance zone, it could lead to another decline. Immediate support lies near the $56,000 level, with major support at $55,000 and $53,500.
Technical Indicators
The hourly MACD is gaining pace in the bullish zone, indicating a potential upward movement in the price. The hourly RSI for BTC/USD is now above the 50 level, which could also signal further bullish momentum.
Overall, Bitcoin price is at a critical juncture as it attempts to break above key resistance levels. Traders and investors should closely monitor the $58,000 resistance zone for potential bullish or bearish movements in the coming sessions.
