Bitcoin failed to clear the $58,500 resistance and corrected lower.
Bitcoin climbed above the 50% Fib retracement level of the downward move from the $58,550 swing high to $56,112 low.
It is now trading well above the $56,000 level and the 100 hourly simple moving average.
The pair is now consolidating just above the 76.4% Fib retracement level of the downward move from the $58,550 swing high to $56,112 low.
If bitcoin fails to clear the $58,500 resistance, it could correct lower once again.
The first key support is near the $57,000 level and the trend line.
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