Bitcoin

Resistance

Higher

Bitcoin price is slowly moving higher above the $56,500 level. BTC might gain bullish momentum if it clears the $58,500 resistance zone. 
<ul> 
 <li>Bitcoin started a recovery wave above the $56,500 and $57,000 levels.</li> 
 <li>The price is trading above $57,000 and the 100 hourly Simple moving average.</li> 
 <li>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).</li> 
 <li>The pair might start a fresh increase above the $58,500 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-aims-higher">Bitcoin Price Aims Higher</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stabilizes-55k/" target="_blank" rel="noopener ">recovery wave</a> 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 <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-downtrend-54k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 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. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_bbb77a.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-628750" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_bbb77a.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_bbb77a.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_bbb77a.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_bbb77a.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_bbb77a.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_bbb77a.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_bbb77a.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_bbb77a.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first key resistance is near the $58,500 level. A clear move above the $58,500 resistance might start a decent increase in the coming sessions. The next key resistance could be $59,200. A close above the $59,200 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $60,000 resistance. Any more gains might be difficult. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to climb above the $58,500 resistance zone, it could start another decline. Immediate support on the downside is near the $57,400 level. 
The first major support is $57,200 and the trend line. The next support is now near $56,200 and the 61.8% Fib retracement level of the upward move from the $54,955 swing low to the $58,200 high. Any more losses might send the price toward the $55,000 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $57,200, followed by $56,200. 
Major Resistance Levels – $58,200, and $58,500.

Bitcoin Price Targets Recovery: Will It Surpass the $60K Mark?

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