Bitcoin price initiated a recovery wave from the $57,200 level, climbing past $58,000 and over its 100-hourly Simple moving average. A break above a bearish trend line at $58,350 signals further gains. However, BTC faces substantial resistance between $60,200 and $61,150.
BTC had extended losses below $58,500 and briefly dipped under $57,200 before recovering. Key resistances at $60,200 and $61,150 could cap gains in the near term. A move above $61,150 might propel BTC towards $62,000 or even $65,000.
Technical indicators show strengthening bullish momentum. The hourly MACD is gaining pace and the RSI is above 50. Major support levels include $58,750 and $58,500, with stronger support at $57,200. Failing to break above $60,200 could lead to another decline.
