Bitcoin formed a support base above the $57,000 level and recently started a fresh increase.
There was a break above the $58,500 resistance zone and the 100 hourly simple moving average.
It is trading just below the 23.6% Fib retracement level of the recent wave from the $56,810 low to $59,467 high.
An initial support is near the $58,500 level and the 100 hourly simple moving average.
The main resistance is still near the $60,000 level.
If bitcoin fails to climb above $59,000 and $59,500, there could be a downside correction.
It is close to the 50% Fib retracement level of the recent wave from the $56,810 low to $59,467 high.
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