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The price of Bitcoin started another decline from the $60,650 resistance. Currently, BTC is at risk of further declines below the $57,500 support zone. In this article, we analyze the recent price movements and key levels to watch.
- Bitcoin is correcting gains and gaining bearish momentum below the $59,000 level.
- The price is trading below $58,500 and the 100-hourly Simple Moving Average (SMA).
- A connecting bearish trend line is forming with resistance at $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could climb again if it stays above the $57,500 support zone.
Bitcoin Price Turns Red
Bitcoin struggled to clear the $60,000 resistance zone and began a fresh decline. The price dropped below the $60,000 and $59,500 levels, initiating a downside correction. There was a fall below the 50% Fibonacci retracement level of the upward move from the $55,550 swing low to the $60,638 high. The bears managed to push the price toward the $57,500 support zone.
Currently, a connecting bearish trend line is forming with resistance at $58,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $58,500 and the 100-hourly Simple Moving Average. It is testing the 61.8% Fibonacci retracement level of the upward move from the $55,550 swing low to the $60,638 high.
On the upside, the price could face resistance near the $58,000 level and the trend line. The first key resistance is near the $59,200 level and the 100-hourly Simple Moving Average. A clear move above the $59,200 resistance might start a steady increase in the coming sessions.
Upside Potential
The next key resistance could be $60,000. A close above the $60,000 resistance might spark more upsides. In this scenario, the price could rise and test the $60,650 resistance.
More Downsides in BTC?
If Bitcoin fails to rise above the $58,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $57,500 level. The first major support is $56,750, while the next support is now near the $56,250 zone. Any more losses might send the price toward the $55,550 support in the near term.
Technical Indicators
- Hourly MACD – The MACD is gaining pace in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $57,500, followed by $56,750.
Major Resistance Levels – $58,000, and $59,200.
