Bitcoin Price Gains Strength: 100 SMA Crucial for Sustained Gains

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Bitcoin price started a recovery wave above the $55,000 resistance. BTC must clear the 100 hourly SMA to continue higher in the near term.
Bitcoin started a recovery wave above the $53,500 and $55,500 levels.
The price is trading below $58,000 and the 100 hourly Simple moving average.
There is a contracting triangle forming with resistance at $57,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might struggle to clear the $58,000 resistance zone.
Bitcoin Price Gains Over 85
Bitcoin price formed a base and started a recovery wave above the $52,500 resistance zone. BTC was able to clear the $53,500 and $55,500 resistance levels.
There was a move above the 61.8% Fib retracement level of the downward wave from the $61,040 swing high to the $49,110 swing low. The bulls even managed to push the price above the $56,500 resistance zone. However, the bears might remain active near $58,000.
Bitcoin price is still trading below $58,000 and the 100 hourly

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