Bitcoin has begun a wave of recovery from $57200. BTC has been rising but may have trouble breaking through resistance at $60,200 and 61,150.
- Bitcoin has been trying to recover above the support level of $58,000.
- Price is above the Simple Moving Average of 100 hours and $58,000.
- The hourly BTC/USD chart showed a break over a bearish line that connected to a resistance level of $58,350. (Data feed by Kraken).
- Near-term, the pair may face resistance near $60,200 or at $61,150.
Bitcoin Prices Start Recovery
Bitcoin Price extended losses BTC even spiked below $58,500. BTC spiked even below $57200. The price started to recover after a low of $57,124.
The resistance levels of $58,000 and $58200 were breached. The 50% Fib level was cleared of the decline from the swing high at $61,143 to the low of $57,124. On the hourly BTC/USD chart, there was also a breakout above the connecting trendline with resistance of $58,350.
Bitcoin now trades above $58,000. 100 hourly Simple moving average. Price could be facing resistance at $60,200, or 76.4% of Fib’s retracement from the 61,143 swing-high to $57.124.
First key resistance near $61,150. If the price clears $61,150, it could continue to climb in future sessions. Next key resistance might be $62,000. If the price closes above $62,000, it could spark further upsides. Price could test $65,000 in the case stated.
BTC to decline again?
Bitcoin could begin a new decline if it fails to break through the resistance level of $60,200. Near the $58,750 support level, there is immediate support for Bitcoin’s downside.
First major support at $58,500. Next support now lies near $57,200. In the short term, any further losses could send the price towards the $56,200 level.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $58,750, followed by $58,500.
Major Resistance Levels – $60,200, and $61,150.
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Source: www.newsbtc.com
