Bitcoin price extended the recovery momentum above $57,500. BTC even climbed above $58,500. However, the bears are active near the $59,500 resistance area.

A high was formed at $59,474 and the price is currently correcting gains. The price declined below the $58,500 level. The price tested the 50% Fibonacci retracement level of the upward move from the $54,955 swing low to $59,474 high.

Moreover, on the hourly chart of the BTC/USD pair, the price declined below a key bullish trend line with support at $57,900.

The bulls seem to be active above $57,200. Bitcoin price is currently trading above $57,200 and the 100 hourly simple moving average. An immediate resistance on the upside is near $58,400.

The first key resistance is near $58,800. If the $58,800 resistance can be clearly breached, there could be a sharp rise in the coming sessions. The next key resistance could be $59,500.

The next major resistance is $60,000. A close above the $60,000 resistance could start a steady rise and push the price higher. In such a case, the price could rise and test the $62,500 resistance.

More to lose for BTC?

If Bitcoin fails to break above the $58,400 resistance zone, it could see another decline. An immediate support on the downside is near $57,200.

The first major support is $56,000, which is also the 76.4% Fibonacci retracement level of the upward move from the $54,955 swing low to $59,474 high. The next support is now near $55,000. If the price drops further, it may fall towards the $53,500 support area in the short term.

Technical indicators:

Hourly MACD – The MACD is currently losing speed in the bullish zone.

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

Major support level – $57,200, followed by $56,000.

Major resistance levels – $58,400 and $59,500.

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