Bitcoin price has managed to stay above the $57,650 support zone, showing signs of resilience in the market. As of now, BTC is on the rise and may be aiming for a move above the $60,000 resistance zone. However, there are still some key levels to watch out for in the coming sessions.
Despite the recent recovery wave, Bitcoin did experience a downside correction below the $60,000 level. The price dipped below $59,500 and $58,000 to enter a short-term bearish zone. This led to a low of $57,690 before initiating a recovery wave.
Currently, Bitcoin is trading below $60,000 and the 100 hourly Simple Moving Average, indicating potential hurdles ahead. There is a bearish trend line forming with resistance at $60,000 on the hourly chart. The first key resistance to watch out for is near the $60,250 level, followed by $61,200 and $62,500.
If Bitcoin fails to break above the $60,000 resistance zone, it could lead to another decline in price. Immediate support on the downside is near $58,800, with major support at $57,650 and further support near the $57,000 zone. Any further losses could potentially push the price towards the $55,500 support zone.
Technical Indicators
The hourly MACD is currently gaining momentum in the bullish zone, signaling a positive outlook for Bitcoin price. Additionally, the Relative Strength Index (RSI) for BTC/USD is above the 50 level, indicating potential strength in the market.
Bitcoin price is currently facing resistance near the $60,000 level, with key hurdles at $60,250 and $62,500. On the other hand, strong support levels are present at $58,800, $57,650, and $57,000. Traders and investors should closely monitor these levels and technical indicators to gauge the future movement of Bitcoin price in the short term.
Leave a Reply