Bitcoin’s price has once again faced a major hurdle as it failed to hold above the crucial $60,000 resistance zone. The leading cryptocurrency started a fresh decline, indicating signs of weakness in the market sentiment. Despite multiple attempts to break through the resistance level, Bitcoin formed a top near $60,200 before facing a downward trend.
Analysts have noted that Bitcoin is now trading below $59,000 and the 100 hourly Simple Moving Average, suggesting a possible further decline in the near term. The MACD indicator is also gaining momentum in the bearish zone, while the hourly RSI for BTC/USD is below the 50 level. These technical indicators point towards a bearish outlook for Bitcoin’s price movement.
Potential Support and Resistance Levels
In the event of a continued decline, Bitcoin could find immediate support near the $58,000 level, with the first major support at $57,650. Further support levels stand at the $57,000 zone, $55,500, and potentially $55,000 in the near term. On the upside, the price could face resistance near $58,800, with the first key resistance at $59,500. Breaking above this resistance level might open up the possibility of further upside movement.
It is evident that Bitcoin is currently struggling to maintain bullish momentum and hold above the key $60,000 resistance zone. The failure to break through this level has led to a fresh decline in the price, indicating potential weakness in the near term. Traders and investors will be closely monitoring the support and resistance levels to gauge the next potential move for Bitcoin’s price.
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