Bitcoin’s price has remained steady above $58,500. BTC has been struggling to gain traction and will only be able to do so if the price clears $61,500.
- Bitcoin has struggled to move above resistance levels of $61,500 and $60,200.
- Price is below the Simple Moving Average of 100 hours and $61,000.
- On the hourly chart for the BTC/USD, there is a bullish trendline connecting with support at $58.800 (data from Kraken).
- If the pair fails to remain above $58,500, it could extend its losses.
Bitcoin price stuck in a range
Bitcoin Price remained stable Above the $58,000 or $58,500 levels. Price attempted a wave of recovery above $59,500 after forming a base. The bears, however, were very active around the $61,200 mark.
The price has retested support at $58,800. The price has now reached a new low at $58,717. This price has been stuck around the 23.6% Fib level of its recent drop from the $61,143 high swing to the $58,717 bottom.
Bitcoin now trades below $61,000. 100 hourly Simple moving average. A bullish line is also developing on the BTC/USD hourly chart with support of $58,800.
Price could be facing resistance in the vicinity of the $59.650 mark. Near the $60,200 mark is where you will find your first major resistance. This is the level where the Fib retracement of the recent fall from the swing high at $61,143 to the low at $58,717 has been 61.8%.
The price could rise further in future sessions if it clears the resistance of $60,200. The next major resistance may be at $61,200. The price could rise further if it closes over the $61,200 barrier. The price may rise to test the resistance of $62,500 in the case stated.
BTC: More downsides?
Bitcoin’s next decline could be triggered if the 60,200-dollar resistance zone is not overcome. Support for the short-term is located near the $58,800 and trendline.
The next major support will be around $58,500. Now, the next major support zone is nearer $58,000. In the short term, any further losses could send the price towards the $56,500 level.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $58,800, followed by $58,000.
Major Resistance Levels – $60,200, and $61,200.
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Source: www.newsbtc.com
