Bitcoin Price Retains Support: Is a Bounce Back on the Horizon?
Bitcoin price remained stable above the $58,500 support zone. BTC is struggling and could only start a steady increase if it clears $61,500.
Bitcoin is struggling to rise above the $60,200 and $61,500 resistance levels.
The price is trading below $61,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $58,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses if it fails to stay above the $58,500 support.
Bitcoin Price Stuck In A Range
Bitcoin price remained stable above the $58,000 and $58,500 support levels. A base was formed, and the price attempted a recovery wave above the $59,500 level. However, the bears were active near the $61,200 level.
There was a fresh decline, and the price retested the $58,800 support. A low was formed at $58,717 and the price is now consolidating losses. It is stuck near the 23.6% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low.
Bitcoin is now trading below $61,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $58,800 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $59,650 level. The first key resistance is near the $60,200 level. It is near the 61.8% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low.
A clear move above the $60,200 resistance might send the price further higher in the coming sessions. The next key resistance could be $61,200. A close above the $61,200 resistance might spark more upsides. In the stated case, the price could rise and test the $62,500 resistance.
More Downsides In BTC?
If Bitcoin fails to rise above the $60,200 resistance zone, it could start another decline. Immediate support on the downside is near the $58,800 level and the trend line.
The first major support is $58,500. The next support is now near the $58,000 zone. Any more losses might send the price toward the $56,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $58,800, followed by $58,000.
Major Resistance Levels – $60,200, and $61,200.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings