BTC Price Recovery: What are the obstacles on the way to $60,000 mark?

Bitcoin price is slowly rising above $56,500. If BTC breaks above the $58,500 resistance zone, it is likely to gain bullish momentum.

Bitcoin price started a recovery wave above $56,500. BTC even climbed above $57,500.

However, the bears are again active near the $58,500 resistance area. A high was formed at $58,200 and the price is now consolidating in a range. It is also testing the 23.6% Fib retracement level of the upward move from the $54,955 swing low to $58,200 high. Bulls seem to be active above $57,000.

Bitcoin price is now trading above $57,200 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $57,200 on the hourly chart of the BTC/USD pair. The immediate resistance on the upside is near $58,200.

If Bitcoin fails to climb above the $58,500 resistance zone, it may start to fall again. The immediate support on the downside is near $57,400. The first major support is $57,200 and the trend line.

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The next support is now near $56,200 and the 61.8% Fib retracement level of the upward move from the $54,955 swing low to the $58,200 high. Any more losses may push the price towards the $55,000 support area in the short term.

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