Bitcoin price started a fresh increase above the $57,500 resistance against the US Dollar. BTC is showing positive signs above $58,000 and the 100 hourly SMA.
Bitcoin remained well bid above the $56,000 level and it started a fresh increase. The price is now trading above the $58,000 level and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower, but the bulls are likely to remain active near $57,800 and $57,500. Bitcoin Price Turns Green
Bitcoin traded as low as $55,492, where the bulls took a strong stand. As a result, BTC started a fresh increase above the $56,500 and $57,000 resistance levels.
The price even cleared the 50% Fib retracement level of the downward move from the $59,475 swing high to $55,492 low. There was also a break