Bitcoin Price Could Continue Rising: Will Bulls Maintain Control?

Bitcoin price has started a decent rally above the $55,500 resistance. BTC is consolidating and could look for bigger gains if it breaks through the $58,000 resistance.

Bitcoin is rising from the support level of $52,500.
The price remains above $55,500 and the 100-hour straightforward moving average.
On the hourly chart of the BTC/USD pair (data from Kraken), there was a breakout of the key downtrend line with resistance at USD 55,300.
In the near future, the currency pair will have to face resistance near the levels of USD 58,000 and USD 58,200.

Bitcoin price is starting to recover

Bitcoin price started a decent rally after breaking the $55,500 resistance zone. BTC gained momentum and was able to break through the $56,200 resistance. There was a breakout of a key bearish trendline with resistance at $55,300 on the hourly chart of the BTC/USD pair.

The pair even broke above the $58,000 resistance zone. A high formed at $58,050 and the price is currently consolidating gains. There was a miniature decline below the $57,500 level. The price fell below the 23.6% Fibonacci retracement level of the upside move from the $52,569 swing low to the $58,050 high.

Bitcoin is now trading above $55,500 and the 100-hour straightforward moving average. On the other hand, the price could face resistance near the $57,500 level. The first key resistance is near the $58,000 level.

A clear move above the $58,000 resistance could trigger further price growth in the coming sessions. The next key resistance could be $58,500. A close above the $58,500 resistance could trigger more upside. In the given case, the price could rally and test the $60,000 resistance.

Another BTC drop?

If Bitcoin fails to break above the $58,000 resistance zone, it could begin another decline. Immediate support on the downside is near the $56,750 level.

The first major support is $55,500 or the 50% Fibonacci retracement level of the uptrend from the $52,569 swing low to the $58,050 high. The next support is now near the $53,500 zone. Any further losses could send the price towards the $52,600 support in the near future.

Technical indicators:

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

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

Major support levels – $56,750 followed by $55,500.

Major resistance levels – USD 57,500 and USD 58,000.