bullish

Bitcoin

Resistance

Gains

Bitcoin price started a recovery wave above the $55,000 resistance. BTC must clear the 100 hourly SMA to continue higher in the near term. 
<ul> 
 <li>Bitcoin started a recovery wave above the $53,500 and $55,500 levels.</li> 
 <li>The price is trading below $58,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a contracting triangle forming with resistance at $57,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might struggle to clear the $58,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-gains-over-85">Bitcoin Price Gains Over 85</h2> 
Bitcoin price formed a base and started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bounce-back-55k/" target="_blank" rel="noopener ">recovery wave</a> above the $52,500 resistance zone. BTC was able to clear the $53,500 and $55,500 resistance levels. 
There was a move above the 61.8% Fib retracement level of the downward wave from the $61,040 swing high to the $49,110 swing low. The bulls even managed to push the price above the $56,500 resistance zone. However, the bears might remain active near $58,000. 
Bitcoin price is still trading below $58,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-53k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, the price could face resistance near the $57,500 level. There is also a contracting triangle forming with resistance at $57,500 on the hourly chart of the BTC/USD pair. 
The first key resistance is near the $58,250 level or the 76.4% Fib retracement level of the downward wave from the $61,040 swing high to the $49,110 swing low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_adc4a8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-633633 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_adc4a8.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_adc4a8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_adc4a8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_adc4a8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_adc4a8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_adc4a8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_adc4a8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_adc4a8.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $58,250 resistance might send the price further higher in the coming sessions. The next key resistance could be $59,200. The next major hurdle sits at $60,000. A close above the $60,000 resistance might spark bullish moves. In the stated case, the price could rise and test the $62,000 resistance. 
<h2 id="another-drop-in-btc">Another Drop In BTC?</h2> 
If Bitcoin fails to recover above the $58,250 resistance zone, it could start another decline. Immediate support on the downside is near the $56,000 level. 
The first major support is $55,000. The next support is now near $53,500. Any more losses might send the price toward the $52,000 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $56,000, followed by $55,000. 
Major Resistance Levels – $57,500, and $58,250.

Bitcoin Price Gains Strength: 100 SMA Crucial for Sustained Gains

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