Bitcoin’s price has started a fresh decline after encountering resistance at the $60,000 mark. Currently, BTC is on a downward trajectory and may potentially test the $57,650 support level.
As observed from the charts, Bitcoin struggled to break above the $60,000 resistance zone, forming a peak near $60,200 before starting its descent. The price dipped below the $58,500 support area, resulting in a breach of the 23.6% Fibonacci retracement level. Additionally, a critical bullish trend line at $59,700 was also broken, indicating a shift in market sentiment.
In terms of immediate levels, Bitcoin is currently trading below $59,000 and the 100 hourly Simple Moving Average. However, it remains above the 50% Fibonacci retracement level from the recent swing low to high. The next key resistance levels to watch out for are $58,800 and $59,500. A successful breach above $59,500 could lead to further upside potential, with the $60,000 mark acting as a significant resistance barrier.
If Bitcoin fails to surpass the $58,800 resistance zone, the price may continue its downward trajectory. Immediate support lies at $58,000, followed by a major support level at $57,650. Further declines could potentially push the price towards the $57,000 zone and even the $55,500 support region. Traders should keep a close eye on these levels to gauge the future direction of Bitcoin’s price movement.
Based on the hourly MACD and RSI indicators, Bitcoin is currently showing bearish signals. The MACD is gaining momentum in the bearish zone, while the RSI for BTC/USD is below the 50 level, indicating a potential continuation of the downward trend.
The recent price action of Bitcoin suggests a bearish outlook, with significant resistance levels ahead. Traders and investors should closely monitor the key support and resistance levels mentioned to make informed decisions in the volatile cryptocurrency market.
