• Bitcoin (BTC) started new upswings past the $58K and $58.5K levels.
  • For now, Bitcoin has its price past $58,000 and 100Hr Simple Moving Average.
  • BTC/USD hourly chart showed a break under a vital bullish trend-line with the nearest support at $58,550.
  • The pair should stabilize above 100Hr Simple Moving Average and $57,500 for further upsurges.

Bitcoin recorded another increase past $58,000 against the Dollar. BTC moved near $60,000 before correcting some of its gains.

BTC Rises Past 100SMA

Bitcoin witnessed its price maintaining above levels of $57,000. The leading crypto started another rally and overpowered the resistance level at $58,000. The upside movements also had BTC breaking past $58,500 and 100Hr Simple Moving Average.

However, Bitcoin did not retest the critical resistance area at $60,000. The crypto formed a high of around $59,400, and Bitcoin corrected its gains. With the retracement, Bitcoin broke under the support at 58,500.

Moreover, the BTC/USD pair had its hourly chart showing a breach under a vital bullish trend-line with $58,550 support. The pair hovered beneath the 23.6% Fibonacci retracement zone of the upswing from the swing low of $55,909 to high at $59,400.

For now, Bitcoin has its closest support at $58,200. However, the world’s largest crypto prints its first critical support at the $57,650-mark. The level stands near the 50% Fibonacci retracement zone of the upside actions from the swing low of $55,909 and $59,400 peaks.

The crypto has its next critical support at $57,500 and 100Hr Simple Moving Average. A breakdown under this level can see Bitcoin dropping to tag the downward footing of $55,500.

Fresh Surges in Bitcoin?

If BTC maintains above 100Hr Simple Moving Average and $57,500 support, Bitcoin will experience further upswings. The crypto will have its first massive resistance at $59,000. The following vital resistance stands at $59,500.

Meanwhile, a daily close past the $59,000 and $59,500 zone can trigger another upside price push past the psychological level of $60,000. The next critical resistance stays at $61,200.

Bitcoin Technical Indicators

  • Hourly MACD – the indicator gains pace within the bullish territory.
  • Hourly RSI – BTC-USD’s RSI declines, eying the 50-level.
  • Crucial support levels – $57,650 and $57,500
  • Crucial resistance levels – $59,000, $59,500, $60,000.