After the bears failed to lower the Bitcoin price below $56000 several times, they stopped trying. As a result, the BTC/USD pair bounced off the support level and managed to rise above $58000. At the time of publication, the BTC/USD pair is trading around $58150.
On the hourly chart, the BTC/USD pair managed to rise above the 100-hour moving average. Thus, the $57450 level became the immediate support for the pair. Also, the BTC/USD pair managed to rise above the downtrend line, which provided resistance in the area of $58000.
If the bulls manage to keep the Bitcoin price above $58000, we will see the beginning of a recovery in the Bitcoin price. In this case, the BTC/USD pair will rise to the area of the next resistance level of $58500. The next major resistance is around the level of $60000.
If the bulls do not have enough strength to hold above $58000, the BTC/USD pair may drop to the area of 57500. Important support is in the area of 57000. The next major support is near the level of 56500. Below this level, the BTC/USD pair will resume its decline and fall to the support area of 56000.