Bitcoin price started a sharp increase after breaking above the $57,000 resistance area. BTC has successfully surpassed the $57,500 resistance area. The pair even broke above the $58,000 resistance area.
However, bears seem to be active near the $58,500 resistance area. A high was formed at $58,450 and the price is currently consolidating gains. The price declined slightly below the $58,000 level. The price even declined below the 23.6% Fibonacci retracement level of the upward move from the $55,550 swing low to $58,450 high.
Bitcoin is currently trading above $57,500 and the 100 hourly simple moving average. On the upside, the price is likely to face resistance near $58,500. There is also a key contracting triangle forming with resistance at $58,500 on the hourly chart of the BTC/USD pair.
The first key resistance is near $58,650. If the $58,650 resistance is cleared, a steady rise could start in the coming sessions. The next key resistance could be $59,200. A close above the $59,200 resistance could trigger more gains. In such a case, the price could rise and test the $60,000 resistance.
