Bitcoin price compensated for the losses and broke the $ 56,550 resistance zone against the US Dollar. If there is a close above $ 58,000 and the 100 hourly SMA, BTC is likely to recover.
Bitcoin price is rising
Bitcoin remained strong above $ 54,000 and climbed above $ 56,550.
The price is currently facing resistance at the $ 57,500 level and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $ 56,800 on the hourly chart of
If the pair closes above $ 58,000 and the 100 hourly SMA, it could start a strong increase.
If Bitcoin fails to clear the $ 57,500 resistance or $ 58,000, it could initiate a new decline. Initial support on the bearish side is near the $ 56,500 level.
A downside break below the $ 56,500 support zone could push the price towards the $ 54,850 pivot level. Further losses could require a new test of the $ 53,500 support zone in the near term.
Technical indicators
Hourly MACD - The MACD is slowly gaining momentum in the bull zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC / USD is currently above the 50 level.
Major Support Levels - $ 56,500 followed by $ 54,850.
Major Resistance Levels - $ 57,500, $ 58,000 and $ 59,500.
