Bitcoin Price Eyes Additional Upsides: Will The Recovery Persist?
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Bitcoin price is currently consolidating around the $57,500 mark. It is expected to gain bullish momentum if it clears the $58,000 resistance zone.
BTC has initiated a wave of recovery past the $55,500 and $56,500 levels. It is trading above $57,000 and the 100 hourly Simple Moving Average (SMA).
The price broke a key bearish trend line at $56,850 on the BTC/USD hourly chart. However, it may face resistance around the $58,250 level, which is close to the 76.4% Fib retracement level from the $61,040 high to the $49,110 low.
If Bitcoin clears the $58,800 resistance, the price could rise to the next resistance levels at $59,500 and $60,000. A close above $60,000 would likely lead to testing the $62,000 resistance.
On the downside, if BTC fails to surpass the $58,250 resistance, it could decline. Immediate support is near $56,400 and the 100 hourly SMA, with major supports at $54,500 and $53,500. Further losses could drive the price toward the $52,000 support zone.
Source: www.newsbtc.com ↗
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