bullish

Bitcoin

Resistance

Higher

Bitcoin price is consolidating near the $57,500 zone. BTC could gain bullish momentum if it clears the $58,000 resistance zone in the near term.
<ul>
 <li>Bitcoin started a recovery wave above the $55,500 and $56,500 levels.</li>
 <li>The price is trading above $57,000 and the 100 hourly Simple moving average.</li>
 <li>There was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li>
 <li>The pair might struggle to clear the $58,250 resistance zone.</li>
</ul>
<h2 id="bitcoin-price-could-continue-higher">Bitcoin Price Could Continue Higher</h2>
Bitcoin price started a recovery wave above the $53,500 resistance zone. BTC was able to clear the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-strength-55k/" target="_blank" rel="noopener noreferrer nofollow">$55,500 and $56,500 resistance levels</a> to move into a short-term positive zone.
There was a move above the 61.8% Fib retracement level of the key drop from the $61,040 swing high to the $49,110 swing low. Besides, there was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC/USD pair.
The bulls are now attempting more upsides above $57,500. Bitcoin price is now trading above $57,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bounce-back-55k/" target="_blank" rel="noopener noreferrer nofollow">100 hourly Simple moving average</a>. On the upside, the price could face resistance near the $58,250 level. It is close to the 76.4% Fib retracement level of the key drop from the $61,040 swing high to the $49,110 swing low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_63de5a.png?resize=1024%2C461" rel="noopener noreferrer nofollow"><img fetchpriority="high" decoding="async" class="wp-image-633920 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_63de5a.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_63de5a.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_63de5a.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_63de5a.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_63de5a.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_63de5a.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_63de5a.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_63de5a.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" loading="lazy" data-recalc-dims="1"></a>
The first key resistance is near the $58,800 level. A clear move above the $58,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $59,500. 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-decline-in-btc">Another Decline 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 $56,400 level and the 100 hourly SMA.
The first major support is $54,500. 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 – $56,400, followed by $54,500.
Major Resistance Levels – $58,250, and $58,800.

Bitcoin Price Eyes Additional Upsides: Will The Recovery Persist?

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