Bitcoin is attempting an upside correction above $57,000 against the US Dollar. BTC could gain pace if there is a close above the $58,000 resistance.
- Bitcoin is facing resistance near the $58,000 and $58,500 levels.
- The price is now trading near $57,500 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must settle above $58,000 to start a fresh increase in the near term.
Bitcoin Price is Still Struggling
Bitcoin price remained in a range above the $55,500 support zone. BTC formed a base above the $55,500 level and is currently attempting a decent recovery wave.
There was a break above the $56,500 and $57,000 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair. The pair even spiked above the $57,500 level and the 100 hourly simple moving average.
Source:The 50% Fib retracement level of the upward move from the $55,909 swing low to $58,222 high is also near $57,000. The next major support is near the $56,500 level, below which the price could resume its decline towards the main breakdown support at $55,500.