Bitcoin has recovered above the $ 58,000 level, placing the BTCUSD pair in a much stronger technical position over the short-term. A lower time frame analysis shows that an extremely large inverted head and shoulders pattern will be activated if bulls rally the price above the $ 60,000 level. The BTCUSD pair could quickly reach the $ 61,800 level if a break above the $ 60,000 level occurs.
The BTCUSD pair is only bullish while trading above the $ 58,000 level, key resistance is found at the $ 60,000 and the $ 61,800 levels.
If the BTCUSD pair trades below the $ 58,000 level, sellers may test the $ 57,000 and $ 56,500 levels.