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Bitcoin price is currently facing resistance near $ 58,250 and $ 58,500 against the US Dollar. BTC may drop in the short term, but the bulls are likely to remain active around $ 57,000.

 

 

Bulls resist

Bitcoin recovered above $ 57,500, but is facing resistance near $ 58,250.

The price is still trading well below $ 58,500 and the 100 hourly simple moving average.

The hourly chart of the BTC / USD pair features a key bearish trend line with resistance near $ 58,600.

The pair may drop again, but the bulls are likely to remain active around $ 57,000.

 

Technical indicators

Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently below the 50 level.

Major Support Levels – $ 57,000 followed by $ 56,500.

Major Resistance Levels – $ 58,180, $ 58,250 and $ 58,500.

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