This week, the bears were able to push the Bitcoin price down to $55800. Then we saw the activation of the bulls, after which the BTC/USD pair began to recover. Yesterday, the BTC/USD pair climbed above the mark of $58000, breaking before that the intermediate resistance levels of $56500 and $57100.
At the time of publication, the BTC/USD pair is trading around $57900, staying above the 100-hour moving average. Yesterday's rise in the price of BTC showed resistance around $58275. For further growth, the BTC/USD pair needs to overcome the resistance area of $57275 and $58500. If the case of successful, the pair will face resistance of around $59500. Key resistance is still around $60000.
If the BTC/USD pair fails to overcome the aforementioned resistance area, it could start a new bearish correction. In this case, initial support is near the $57700 level and the 100-hour simple moving average.
If the bulls fail to defend the 100-hour moving average, the recent breakout of $57500 follows, which could contain the bears. In case of a breakdown of this level, we will see further movement to the area of $56500.