Bitcoin price recently faced a downside correction after failing to sustain above the $62,500 mark. This resulted in a dip below crucial support levels at $61,500 and $60,000, leading to a shift towards a short-term bearish trend. The hourly chart of the BTC/USD pair shows a break below a significant bullish trend line with support at $61,000, hinting at a potential decline below the $58,500 support zone.
As of now, Bitcoin is hovering around the $58,500 mark, struggling to gain momentum and recover from the recent correction. The price is trading below $60,000 and the 100 hourly Simple Moving Average, indicating a bearish sentiment in the market. Despite a temporary stability above the 61.8% Fib retracement level of the upward move, the bulls are facing resistance near the $59,500 level, with a key resistance barrier at $60,000.
If Bitcoin manages to surpass the $60,000 resistance level, it could pave the way for further upward movement in the upcoming sessions. The next significant resistance levels stand at $61,200 and $62,500, with a potential rally towards the $65,000 mark if the bullish momentum continues. However, a failure to breach the $60,000 resistance could lead to a continuation of the downtrend. Immediate support is found near $58,500, followed by major support levels at $57,650 and $57,250. Further downside momentum might push the price towards the $55,500 support zone or even $55,000 in the short term.
The hourly Moving Average Convergence Divergence (MACD) for Bitcoin is showing an increase in bearish momentum, reflecting the current price trend. The Relative Strength Index (RSI) for BTC/USD has dipped below the 50 level, indicating a shift towards selling pressure in the market. Key support levels to watch out for include $58,500 and $57,250, while major resistance levels stand at $59,500 and $60,000.
The technical analysis of Bitcoin price portrays a volatile market scenario with a mix of bullish and bearish signals. Traders and investors need to closely monitor key resistance and support levels to make informed trading decisions amidst the ongoing price fluctuations in the cryptocurrency market.
