Bitcoin (BTC) Plans Fresh Rally to $60K, Here’s Why Bulls May Encounter Hurdles

Bitcoin struggles to stabilize inside levels past $58,000 – $58,500.
The coin still hovers beyond $57,000 and 100Hr Simple Moving Average.
Meanwhile, BTC/USD’s hourly chart shows a massive contracting triangle forms with resistance at $58,200 (Kraken data).
The pair has to conquer the resistance at $58,500 for a steady surge in the short term.

Bitcoin trades beyond the support at $56,200 against the Dollar. The leading crypto has to overcome $58,500 to record massive surges in the upcoming sessions.

Bitcoin Price Prints Bullish Signals

Bitcoin witnessed its price retracing beneath the support level at $57,000. Nevertheless, the dominant crypto remained steady beyond the footing at $56,200 and the 100hr Simple Moving Average. BTC has its latest low near the $56,555-mark and seems to rise for now. The cryptocurrency broke past the resistance zone at $57,000. Meanwhile, BTC broke beyond the 23.6% Fibonacci retracement of the latest plummet from the swing high of $59,230 to the $56,555 lows.

While writing these updates, Bitcoin still trades above the 100 hourly SMA and $57,000 level. The largest crypto by market cap has its closest resistance to the upward at $57,850, close to the 50% Fibonacci retracement zone of the latest fall from $59,230 to $56,555.

Meanwhile, the initial critical resistance level sits at $58,200. There’s a massive contracting triangle developing with resistance around $58,200. That is according to BTC/USD hourly price chart.

Bitcoin requires a steady break past $58,200 resistance to record massive upside actions. The following vital resistance zone emerges at $58,500. Overpowering this level will see bulls testing the psychological level of $60,000. Further gains may push BTC/USD past $61,200 levels.

Another BTC Drop?

If Bitcoin bulls fail to conquer the resistance zone at $58,500, the altcoin might sustain a fresh plunge. That will have BTC securing immediate support at $57,000. Meanwhile, the initial crucial support forms at $56,200 and the 100Hr SMA. Downside pressure to breach the $56,200 support will see BTC hitting $55,500. More declines will mean the crypto exploring $55,000.

BTC Technical Indicators