Bitcoin has been facing difficulties in rising above the $60,200 and $61,500 resistance levels. Despite trying to push through, the price is currently trading below $61,000 and the 100 hourly Simple moving average. This indicates a struggle for BTC to make any significant gains in the near future.
Although Bitcoin has been able to remain stable above the $58,500 support zone, it is essential to note that the cryptocurrency is still facing challenges in maintaining its position. There is a connecting bullish trend line forming with support at $58,800 on the hourly chart of the BTC/USD pair, but the pair might extend losses if it fails to stay above the $58,500 support.
Price Consolidation
After attempting a recovery wave above the $59,500 level, Bitcoin faced resistance near the $61,200 level. This led to a fresh decline, with the price retesting the $58,800 support. Currently, Bitcoin is stuck near the 23.6% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low.
The hourly MACD for Bitcoin is now losing pace in the bearish zone, indicating a potential further decline in price. Additionally, the hourly RSI for BTC/USD is now below the 50 level, suggesting a lack of buying pressure in the market.
Immediate support on the downside is near the $58,800 level and the trend line. The first major support is at $58,500, followed by the $58,000 zone. Further losses could push the price toward the $56,500 support in the near term. On the upside, the price might face resistance near the $59,650 level, with the first key resistance at $60,200. A clear move above this level could signal a potential for higher gains in the coming sessions.
Bitcoin is currently facing a challenging period in terms of price action. With resistance levels proving difficult to overcome and support zones being tested, the cryptocurrency market is in a state of uncertainty. It will be crucial to monitor how Bitcoin reacts to key levels in the near future to determine its next move.
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