The Battle of Bitcoin: Stuck Below Key Resistance Levels

The Battle of Bitcoin: Stuck Below Key Resistance Levels

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.

Analysis

Articles You May Like

The Financial Sage: Aayush Jindal’s Journey Through Forex and Cryptocurrency
Unveiling the Evolution of Cryptocurrency Journalism: The Journey of Semilore Faleti
An In-Depth Analysis of BONK’s Current Market Struggles
The Future of Bitcoin: Analyzing Projections and Market Sentiment

Leave a Reply

Your email address will not be published. Required fields are marked *