Bitcoin’s price has started a fresh rise above the $ 57,500 resistance against the US dollar. BTC is showing positive signs above the $ 58,000 and 100 hourly SMA.
Will Bitcoin increase?
Bitcoin continued to bid above the $ 56,000 level and began a new surge.
The price is currently trading above the $ 58,000 level and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $ 57,100 on the hourly chart of the BTC / USD pair.
The pair may correct the decline, but the bulls are likely to remain active near $ 57,800 and $ 57,500.
If Bitcoin fails to break above $ 58,275 and $ 58,500, there could be a short-term downside correction. Initial support on the downside is near the $ 57,750 level and the 100 hourly simple moving average.
The next major support is near the $ 57,500 level (last breakout zone). If the bulls fail to hold the 100-hour SMA followed by $ 57,500, there is a chance for a stable decline. In the situation stated, the price could drop to the $ 56,500 level in the near term.
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above the 50 level.
Major Support Levels – $ 57,750 followed by $ 57,500.
Major Resistance Levels – $ 58,275, $ 58,500 and $ 59,500.