Bitcoin price started a fresh increase above the $55,000 resistance zone against the US Dollar.
This past week, bitcoin price remained stable above the $52,500 support zone against the US Dollar.
There was a spike above the $58,000 level, but the price struggled near the $58,500 zone.
There was a break below the 23.6% Fib retracement level of the upward move from the $52,489 swing low to $58,494 high.
There is also a key bullish trend line forming with support near $55,400 on the 4-hours chart of the BTC/USD pair.
On the upside, the price is facing a major resistance near the $58,000 and $58,500 levels.
If bitcoin fails above the $58,000 level, there is a risk of a downside correction.
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