TA: Bitcoin Breaking This Confluence Resistance Could Spark Recovery

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Bitcoin is attempting an upside correction above $57,000 against the US Dollar. BTC could gain pace if there is a close above the $58,000 resistance.

  • Bitcoin is facing resistance near the $58,000 and $58,500 levels.
  • The price is now trading near $57,500 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must settle above $58,000 to start a fresh increase in the near term.

Bitcoin Price is Still Struggling

Bitcoin price remained in a range above the $55,500 support zone. BTC formed a base above the $55,500 level and is currently attempting a decent recovery wave.

There was a break above the $56,500 and $57,000 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair. The pair even spiked above the $57,500 level and the 100 hourly simple moving average.

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However, the price is still struggling to gain pace above the $58,000 level. A high is formed near $58,222 and the price is now consolidating gains.

The bears pushed the price below the 23.6% Fib retracement level of the upward move from the $55,909 swing low…

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