Bitcoin ’s price has recently shown an upward trend, breaking through the critical resistance level of $57,500. This movement indicates positive momentum as the cryptocurrency now targets the psychological milestone of $60,000.
Currently, Bitcoin is trading above the $57,200 mark, positioned well over the 100-hourly Simple Moving Average. A significant breakout was observed as the price surpassed a short-term declining channel that had resistance around $56,650. This surge allowed Bitcoin to spike past the $58,000 threshold, reaching highs of approximately $58,450. The asset is now consolidating its gains, holding above the 23.6% Fibonacci retracement level from its most recent swing low.
In terms of resistance levels, the initial hurdle appears around $58,500. If Bitcoin can maintain its upward trajectory and break decisively above $58,800, it may initiate a sustained rally, with potential to reach $59,500. A close above this level could suggest further upward movement, with the next significant target being $60,000.
Conversely, should Bitcoin fail to overcome the $58,500 resistance, it might enter a downward correction. Immediate support is identified near $57,500, with further crucial support located at $57,000, which aligns with the 50% Fibonacci retracement level for the recent price action. In event of continued declines, $56,000 could provide the next layer of support, with further risks towards $55,500.
Technical indicators are displaying bullish signals, with the hourly MACD gaining momentum and the Relative Strength Index (RSI) holding above the neutral zone of 50. Overall, the market is currently positioned for potential upward movement, although traders should remain cognizant of upcoming resistance levels and support zones.
