Bitcoin managed to gain momentum, surging above $58,000 amid the uneasy market outlook. On the other hand, it is still struggling for a move towards the $60,000 level, according to technical analysis by NewsBTC’s Aayush Jindal.
Bitcoin Price Consolidates Gains
Bitcoin has managed to start a new bullish wave. It started a fresh increase above the $55,000 and $57,000 resistance levels and even broke the $58,000 resistance and traded close to the $59,000 level. A local top was formed near $58,890, and the price is now correcting gains. There was a break below the $58.500 support level. The price is 23% of the upward move from $53,300 to $58,890. It broke below the 6 Fib retracement level.
Will Bitcoin Rise?
There is also a key contracting triangle forming with resistance near $58,000 on the hourly chart of the BTC/USD pair. A clear break above the $58,000 resistance zone could open the doors for more upsides. The next key resistance is near the $58,500 level. Any further gains could push the price towards $60,000. If there is a close above the $60,000 level, the price could move higher.
Will it drop?
According to Jindal, if Bitcoin fails to break past the $58,000 resistance zone, it could start a fresh decline. The first major support is currently formed near the $56,200 level. This is close to the 50% Fib retracement level of the upward move from the $53,300 high to $58,890 high. More losses could likely push the price towards $55,000.
What Do Technical Indicators Say?
- Hourly MACD – The MACD is now gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently close to the 50 level.
- Main Support Levels – $57,000 followed by $56,200
- Main Resistance Levels – $58,000, $58,500 and $60,000