Bitcoin price has recently been experiencing a consolidation phase near the $58,500 level. In order to start a recovery wave in the near term, BTC must clear the crucial $60,500 resistance. The price tested the $58,000 zone before undergoing a minor recovery, but it is currently trading below $62,000 and the 100 hourly Simple Moving Average.
There is a major bearish trend line forming with resistance at $60,200 on the hourly chart of the BTC/USD pair from Kraken. The pair might face another slip if it fails to move above the $60,500 resistance zone. Bitcoin price has gained bearish momentum below the $62,500 level, diving even further below $60,000. Despite this, bulls seemed to appear near the $58,000 level, resulting in a low forming at $58,009. The price is currently consolidating its losses, trying to push past the crucial resistance levels.
Bitcoin is currently trading below $61,200 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the $59,650 level with the first key resistance at $60,000. A clear move above the $60,200 resistance could propel the price higher in the coming sessions, with the next key resistance at $61,500. This level is close to the 50% Fib retracement level of the downward wave from the $65,070 swing high to the $58,009 low.
If Bitcoin fails to rise above the $60,200 resistance zone, it may continue moving downwards. Immediate support on the downside is near the $58,550 level, followed by the first major support at $58,000. The next support zone is hovering around $57,650, and any further losses could drive the price towards the $56,500 support level in the near term.
– Hourly MACD: The MACD is currently losing pace in the bearish zone.
– Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now below the 50 level.
Bitcoin price is navigating a consolidation phase with crucial resistance and support levels to consider. The technical indicators provide insights into the market sentiment, signaling potential upsides or downsides based on the current price action. Traders and investors should monitor the key levels closely to make informed decisions in this volatile market environment.
