TA: Bitcoin Faces Hurdles Near $58.5K, Why Dips Remain Attractive

TA: Bitcoin Faces Hurdles Near $58.5K, Why Dips Remain Attractive


Bitcoin price is currently facing resistance near $58,250 and $58,500 against the US Dollar. BTC could dip in the short-term, but the bulls are likely to remain active near $57,000.

Bitcoin recovered above $57,500, but it is facing resistance near $58,250. The price is still trading well below $58,500 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $58,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could dip again, but the bulls are likely to remain active near $57,000. Bitcoin Price is Facing Hurdles

Bitcoin remained well bid above the $56,500 support zone. As a result, BTC started a fresh increase above the $57,000 and $57,250 resistance levels.

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The price even cleared the 23.6% Fib retracement level of the recent drop from the $59,872 high to $56,488 low. However, the price seems to be facing a strong resistance near the $58,250

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