Last week the price of the bitcoin it remained stable above the $ 52.500 support zone. The BTC / USD pair started a steady rise and broke a couple of rather important resistance hurdles near $ 55.000.
The price also broke the $ 56.500 resistance and extended its rise, then peaking above the $ 58.000 level. Here the price had to struggle to break through this threshold, forming a high of $ 58.494 and then starting to correct lower.
BTC therefore traded below the $ 57.500 level, with major support now forming around the $ 55.500 zone. There is also a key bullish trend line forming with support near $ 55.400 on the 4-hour chart of the BTC / USD pair. On the upside, the price is facing major resistance near the $ 58.000 and $ 58.500 levels. A successful close above the resistance levels of $ 58.000 and $ 58.500 could open the door for a new rise towards the $ 60.000 barrier.
Conversely, if bitcoin fails to rise above the $ 58.000 level, there is a risk of a downward correction. The first major support is near the $ 55.500 level and the trendline zone. The next major support would be near the $ 55.000 level. A further loss could require a further fall towards the $ 52.500 support level.