Bitcoin gained pace and climbed above $58,000 against the US Dollar. However, BTC is still struggling to gain pace for a move towards the $60,000 level.
Bitcoin started a fresh increase above the $57,000 and $58,000 levels.
The price is now trading above $57,000 and the 100 hourly simple moving average.
There is a key contracting triangle forming with resistance near $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear the $58,000 resistance to continue higher in the near term.
Bitcoin price started a fresh increase above the $55,000 and $57,000 resistance levels. BTC even climbed above the $57,000 level and the 100 hourly simple moving average.
The price even broke the $58,000 resistance and traded close to the $59,000 level. A high is formed near $58,890 and the price is now correcting gains. There was a break below the $58,500 support level. The price declined below the 23.6% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high.