Bitcoin price is slowly moving higher above the $56,500 level. BTC might gain bullish momentum if it clears the $58,500 resistance zone.

Bitcoin started a recovery wave above the $56,500 and $57,000 levels.

The price is trading above $57,000 and the 100 hourly Simple moving average.

There is a connecting bullish trend line forming with support at $57,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair might start a fresh increase above the $58,500 resistance zone.

Bitcoin Price Aims Higher

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

A high was formed at $58,200, and the price is now consolidating in a range. It also tested the 23.6% Fib retracement level of the upward move from the $54,955 swing low to the $58,200 high. The bulls seem to be active above the $57,000 level.

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. Immediate resistance on the upside is near the $58,200 level.