Bitcoin Price Could Extend Gains: Will Bulls Stay in Control?
2024-09-10

Bitcoin price started a decent increase above the $55,500 resistance. BTC is consolidating and might aim for more gains if it clears the $58,000 resistance.
Bitcoin Price Starts Recovery
Bitcoin price started a decent increase after it broke the $55,500 resistance zone. BTC gained pace and was able to clear the $56,200 resistance. There was a break above a key bearish trend line with resistance at $55,300 on the hourly chart of the BTC/USD pair.
The pair even spiked above the $58,000 resistance zone. A high was formed at $58,050 and the price is now consolidating gains. There was a minor decline below the $57,500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $52,569 swing low to the $58,050 high.
Bitcoin is now trading above $55,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $57,500 level. The first key resistance is near the $58,000 level.
A clear move above the $58,000 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,500. A close above the $58,500 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance.
Another Decline In BTC?
If Bitcoin fails to rise above the $58,000 resistance zone, it could start another decline. Immediate support on the downside is near the $56,750 level.
The first major support is $55,500 or the 50% Fib retracement level of the upward move from the $52,569 swing low to the $58,050 high. The next support is now near the $53,500 zone. Any more losses might send the price toward the $52,600 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $56,750, followed by $55,500.
Major Resistance Levels – $57,500, and $58,000.