Bitcoin price is currently facing resistance near $58,250 and $58,500 against the US Dollar. BTC could dip in the short-term, but the bulls are likely to remain active near $57,000.
- Bitcoin recovered above $57,500, but it is facing resistance near $58,250.
- The price is still trading well below $58,500 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $58,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could dip again, but the bulls are likely to remain active near $57,000.
Bitcoin Price is Facing Hurdles
Bitcoin remained well bid above the $56,500 support zone. As a result, BTC started a fresh increase above the $57,000 and $57,250 resistance levels.
The price even cleared the 23.6% Fib retracement level of the recent drop from the $59,872 high to $56,488 low. However, the price seems to be facing a strong resistance near the $58,250 and $58,500 levels.Source:The main resistance is forming near the $58,500 level (a multi-touch zone). There is also a key bearish trend line forming with resistance near $58,600 on the hourly chart of the BTC/USD pair.
If there is an upside break above the $58,250 and $58,500 resistance levels, there are chances of a steady increase. In the stated case, bitcoin price is likely to rise towards the $60,000 and $60,500 levels.