Bitcoin Price Targets Rebound: Will It Break Beyond $60K?

Bitcoin price is slowly moving up above the $56,500 level. BTC could gain bullish momentum if it breaks through the $58,500 resistance zone.

Bitcoin has begun a rebound above the $56,500 and $57,000 levels.
The price remains above $57,000 and the 100-hour basic moving average.
On the hourly chart of the BTC/USD pair (data from Kraken), a connecting uptrend line is forming with support at $57,200.
The pair may start a novel uptrend above the USD 58,500 resistance zone.

Bitcoin Price Aims Higher

Bitcoin price started a rebound above the $56,500 level. BTC even climbed above the $57,500 level. However, bears are busy again near the $58,500 resistance zone.

The high was formed at $58,200 and the price is now consolidating in a range. The 23.6% Fibonacci retracement level of the upside move from the $54,955 swing low to the $58,200 high was also tested. Bulls seem to be busy above the $57,000 level.

Bitcoin price is now trading above $57,200 and the 100-hour basic moving average. There is also a connecting bullish trendline forming with support at $57,200 on the hourly BTC/USD chart. Immediate resistance upside is located near the $58,200 level.

The first key resistance is near the $58,500 level. A clear move above the $58,500 resistance could start a decent rally in the coming sessions. The next key resistance could be $59,200. A close above the $59,200 resistance could start a steady rally and push the price higher. In the given case, the price could rally and test the $60,000 resistance. Any further gains could be hard.

Another BTC drop?

If Bitcoin fails to break above the $58,500 resistance zone, it could begin another decline. Immediate support on the downside is near the $57,400 level.

The first major support is $57,200 and the trendline. The next support now comes near $56,200 and the 61.8% Fibonacci retracement level of the uptrend from the $54,955 swing low to $58,200 high. Any further losses could send the price towards the $55,000 support zone in the near future.

Technical indicators:

Hourly MACD – MACD is currently losing momentum in the bearish zone.

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

Major support levels – $57,200, then $56,200.

Major resistance levels – USD 58,200 and USD 58,500.