Bitcoin has successfully maintained its position above the $57,500 resistance level, indicating positive momentum that may push it toward $60,000 in the near future. The cryptocurrency is making strides above the $57,200 support area, trading favorably in terms of its moving averages.
Currently, BTC is positioned above the $57,500 level and the 100-hourly simple moving average, highlighting its robustness. An analysis of the hourly charts reveals a key contracting triangle formation, with significant resistance situated at $58,500. If Bitcoin can surpass both the $58,500 and $58,650 resistance levels, it may set the stage for further upward movement.
After breaking through the $57,000 level, Bitcoin began a notable ascent, crossing above $57,500 and clearing the $58,000 barrier. However, a downturn was observed as bearish activity emerged near the $58,500 area, where a recent peak was established at $58,450. Presently, Bitcoin is consolidating its gains, having experienced a slight retracement below the $58,000 level and the key 23.6% Fibonacci retracement point.
Looking ahead, should Bitcoin breach the $58,650 resistance, it could initiate a more sustained rally. The next notable resistance would appear at $59,200, where crossing this threshold may lead to further increases, potentially allowing Bitcoin to test the $60,000 level.
Conversely, if Bitcoin struggles to overcome the resistance at $58,500, it may face a decline. Immediate support is observed around $57,600, with significant support levels at $56,650 and the 61.8% Fibonacci retracement level. A failure to hold these levels could drive the price down toward $55,550 in the short term.
In terms of technical indicators, the hourly MACD is showing signs of losing momentum, while the RSI remains above the neutral level of 50, indicating that traders should monitor these developments closely.
