Bitcoin price initiated a recovery wave above the $55,000 resistance. The price is trading below $58,000 and the 100 hourly Simple moving average. A contracting triangle forms with resistance at $57,500, and the pair may struggle to clear the $58,000 resistance zone.
Bitcoin formed a base, starting a recovery above $52,500, clearing the $53,500 and $55,500 resistance levels. Bulls pushed the price above $56,500. However, the bears might stay active near $58,000.
The first key resistance is near $58,250, a move above which could push the price higher. The next resistances are $59,200 and $60,000. Failing to clear $58,250 may result in another drop with immediate support at $56,000. Major supports lie near $55,000 and $53,500.
