Bitcoin has been facing a tough battle in trying to break above the $61,200 resistance level. The cryptocurrency has been struggling to rise above key levels such as $60,200 and $61,500, making it challenging for it to start a steady increase. Despite remaining stable above the $58,500 support zone, BTC is currently trading below $61,000 and the 100 hourly Simple moving average.
The price of Bitcoin recently formed a base around the $58,000 and $58,500 support levels, attempting a recovery wave above $59,500. However, bears became active near the $61,200 level, leading to a fresh decline. The price retested the $58,800 support, with a low of $58,717 being formed. Currently, the price is consolidating losses and is stuck near the 23.6% Fib retracement level of the recent decline.
The hourly MACD is losing pace in the bearish zone, indicating a potential downward trend. The hourly RSI for BTC/USD is below the 50 level, reflecting the current bearish sentiment in the market. Immediate support on the downside is near $58,800, followed by $58,000. If the price continues to decline, it could potentially reach the $56,500 support in the near term.
In order for Bitcoin to see a potential upside movement, it needs to overcome key resistance levels. The first major resistance is near the $59,650 level, followed by $60,200. A clear move above $60,200 could signal a further upward trend, with the next key resistance at $61,200. If Bitcoin manages to close above $61,200, it might spark more upsides, potentially testing the $62,500 resistance level.
Overall, Bitcoin is currently facing a challenging battle with key resistance levels, making it difficult for the cryptocurrency to establish a strong upward momentum. Traders and investors will need to closely monitor the price movements and key levels to gauge the future direction of Bitcoin’s price.
