The price even spiked below the 100 hourly simple moving average, but it remained stable above the $56,000 level.
The bulls cleared the 50% Fib retracement level of the recent decline from the $59,501 high to $56,306 low.
There was also a break above a key bearish trend line with resistance near $57,900 on the hourly chart of the BTC/USD pair.
It is consolidating above the 76.4% Fib retracement level of the recent decline from the $59,501 high to $56,306 low.
If bitcoin fails to clear the $59,500 resistance or $60,000, it could start a downside correction.
The first key support is near the $57,500 level and the 100 hourly SMA, below which the price might test $56,500.
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