Bitcoin (BTC) climbed above the $56,200 support against the US Dollar. Also, Bitcoin tested the $59.00 level the other day, but was unsuccessful. In order for Bitcoin to reach its old levels again, it needs to surpass the critical level of $ 58,500.

Bitcoin Reserve Spent to Save UST Bitcoin Reserve Spent to Save UST
  • Bitcoin is struggling to gain momentum above the $58,000 and $58,500 levels.
  • Bitcoin is trading above $57,000 and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $58,200 on the hourly chart of the BTC/USD pair.
  • Bitcoin must surpass the $58,500 resistance to start a steady rise in the near term.

Bitcoin (BTC) started a rapid price increase recently and managed to rise to the level of $ 59,000. After the rise, there was a slight pullback and Bitcoin fell to the levels of $ 56,370. However, bitcoin price managed to stay stable above the $56,200 support level and the 100 hourly simple moving average.

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Bitcoin, the largest cryptocurrency by market cap, is currently trading above $57,000 and the 100 hourly simple moving average.

Considering the levels to watch in BTC, an immediate resistance on the upside is near the $57,850 level. The first major resistance is located at $58,200. There is also a major contracting triangle forming with resistance near $58,200 on the hourly chart of the BTC/USD pair.

Therefore, a clear break above the $58,200 resistance zone could open the doors for more upsides. In this case, if Bitcoin breaks the critical resistance of $58,500, the bulls may aim for a test of $60,000. Any further gains could push the price towards $61,200.

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Possible Drops in BTC

However, if Bitcoin fails to break past the $58,500 resistance zone, it could start a fresh decline. The first region to follow in Bitcoin is the $57,000 support zone. The first major support is currently near the $56,200 level and the 100 hourly SMA. A downside break below the $56,200 support could push the price towards $55,500. Further losses could result in Bitcoin falling back to the $55,000 levels.

Technical Indicators:

  • Hourly MACD – The MACD is now losing momentum in the bearish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently close to the 50 level.
  • Major Support Levels: $57,000 followed by $56,200.
  • Major Resistance Levels: $58,000, $58,500 and $60,000.