Bitcoin price is consolidating gains above the $58,000 resistance against the US Dollar. BTC is likely to surge above the $59,500 and $60,000 resistance levels in the near term.

Bitcoin failed to settle above the $59,500 resistance and recently started a downside correction. BTC broke the $59,000 level and it even traded below the $58,500 support.

However, the bulls were active near the $58,000 support and the 100 hourly simple moving average. A low is formed near $57,922 and it seems like the price is trading in a contracting range. It has already recovered above the $58,500 level.

There was a break above the 50% Fib retracement level of the recent decline from the $59,650 high to $57,922 low. Bitcoin is now facing resistance near the $59,200 level.

It seems like there is a crucial contracting triangle forming with resistance near $59,200 on the hourly chart of the BTC/USD pair. The triangle resistance is near the 61.8% Fib retracement level of the recent decline from the $59,650 high to $57,922 low.

A successful break above the triangle resistance could open the doors for a massive bullish wave. The next major resistance is near the $59,500 zone, above which the price is likely to rally above $60,000.

If bitcoin fails to climb above $59,200 and $60,000, there could be a downside correction. The first major support on the downside is near the $58,500 level.

The next major support is near the $58,350 level, the 100 hourly SMA, and the triangle trend line. If there is a downside break below the triangle support, the price could dive towards $56,500.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.

Major Support Levels – $58,500, followed by $58,350.

Major Resistance Levels – $59,200, $59,500 and $60,000.

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