Bitcoin price is holding gains above the $57,500 resistance, signaling potential movement toward $60,000. BTC is trading above the $57,200 support zone and the 100 hourly Simple moving average.
There is a key contracting triangle forming with resistance at $58,500 on the BTC/USD pair. If BTC clears resistance levels at $58,500 and $58,650, it could climb higher in the near term.
Bitcoin price recently increased after breaking the $57,000 resistance, climbing above $57,500 and the $58,000 resistance. However, the price faces active bears near $58,500.
The price is now consolidating gains, facing resistance at $58,500. A clear move above $58,650 might trigger a steady increase, potentially testing the $60,000 resistance.
If BTC doesn't rise above the $58,500 resistance, a decline could begin with immediate support at $57,600. Further support levels are at $56,650 and $55,550.
Technical indicators show the Hourly MACD losing pace in the bullish zone, while the RSI for BTC/USD is above 50. Major support levels at $57,600 and $55,550, and major resistance levels at $58,500 and $58,650.
