Bitcoin’s price has experienced a notable increase, moving beyond the $55,500 resistance level. This upward momentum has set the stage for potential further gains, provided it can successfully surpass the $58,000 resistance barrier.
After rebounding from the $52,500 support zone, Bitcoin has been trading above $55,500, maintaining its position over the 100-hourly Simple Moving Average. An important milestone was reached when the Bitcoin/USD pair broke through a significant bearish trend line, characterized by resistance at $55,300, as observed on the hourly chart.
This breakthrough saw Bitcoin surge past the $58,000 resistance zone, briefly touching a high of $58,050 before settling into a period of consolidation. A slight pullback occurred, with the price dipping below $57,500 and momentarily falling under the 23.6% Fibonacci retracement level, calculated from the low of $52,569 to the high of $58,050.
Currently, Bitcoin is trading securely above $55,500, supported by the 100-hourly Simple Moving Average. The immediate resistance on the horizon lies around the $57,500 mark, with the primary resistance pegged at $58,000. A successful move past this point could potentially propel the price even higher. Should the $58,000 resistance be overcome, the next significant target would be $58,500. Achieving a close above this level could ignite further upward momentum, possibly testing the $60,000 resistance.
However, if Bitcoin fails to break through the $58,000 resistance, it might face another downturn. Immediate downside support is identified near the $56,750 level, with a more substantial support zone around $55,500, aligning with the 50% Fibonacci retracement level of the recent upward move. Further declines could lead the price to approach the $53,500 zone, and any additional losses might drive it towards the $52,600 support in the short term.
From a technical standpoint, the hourly MACD is currently losing momentum in the bullish zone, while the hourly RSI for BTC/USD remains above the 50 level. Key support levels are noted at $56,750 and $55,500, whereas major resistance levels are identified at $57,500 and $58,000.
