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Bitcoin price faced a significant challenge in clearing the $60,650 resistance. Currently, BTC is undergoing a correction in its gains and may potentially decline towards the $57,500 support zone. This article provides a detailed analysis of the recent price movements and upcoming trends for Bitcoin.
- Bitcoin is correcting its recent gains and is trading well below the critical $60,000 level.
- The price is currently below $58,800 and the 100-hourly Simple Moving Average (SMA).
- There was a break below a key bullish trend line, which had support at $60,000, on the hourly chart of the BTC/USD pair (data sourced from Kraken).
- The pair has the potential to climb again if it maintains above the $57,500 support zone.
Bitcoin Price Starts Downside Correction
Bitcoin price initiated a notable increase after successfully breaching the $58,500 resistance zone. BTC managed to climb above the $59,500 resistance and even surpassed the $60,000 resistance zone. Despite these gains, bears became active near the $60,650 resistance, forming a high at $60,638. Subsequently, the price began correcting its gains.
There was a notable decline below the $59,500 level, and the price even dipped below the 23.6% Fibonacci retracement level, calculated from the upward move from the $55,548 swing low to the $60,638 high. Additionally, a key bullish trend line with support at $60,000 was broken on the hourly chart of the BTC/USD pair. As a result, Bitcoin is now trading below $58,800 and the 100-hourly Simple Moving Average.
Resistance Levels
On the upside, Bitcoin’s price could encounter resistance near the $59,200 level. The primary resistance is close to the $60,000 level. A decisive move above the $60,000 resistance could pave the way for a steady increase in the upcoming sessions. The next significant resistance is at $60,650. Successfully closing above the $60,650 resistance could initiate further upward momentum, potentially testing the $62,000 resistance level.
More Downsides in BTC?
If Bitcoin fails to rise above the $59,200 resistance zone, it may continue its downward movement. Immediate support on the downside is near the $58,000 level or the 50% Fibonacci retracement level of the upward move from the $55,548 swing low to the $60,638 high. The first major support is at $57,500, followed by the next significant support near the $56,750 zone. Further losses could drive the price toward the $55,550 support in the near term.
Technical Indicators
- Hourly MACD: The MACD is currently gaining momentum in the bearish zone.
- Hourly RSI: The Relative Strength Index (RSI) for BTC/USD is now below the 50 level.
- Major Support Levels: $58,000, followed by $57,500.
- Major Resistance Levels: $59,200, and $60,000.
Stay tuned for more updates on Bitcoin’s price movements and key levels to watch. Understanding these trends can help in making informed trading decisions.
