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Bitcoin price started a recovery wave from the $57,200 zone. BTC is rising, but it might struggle to surpass the $60,200 and $61,150 resistance levels.
Bitcoin is attempting a recovery wave above the $58,000 support zone. The price is trading above $58,000 and the 100 hourly Simple moving average. There was a break above a connecting bearish trend line with resistance at $58,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could face heavy resistance at $60,200 or $61,150 in the near term.
Bitcoin Price Starts Recovery
Bitcoin price extended losses below the $58,500 support levels. BTC even spiked below $57,200. A low was formed at $57,124 and the price recently started a recovery wave. There was a move above the $58,000 and $58,200 resistance levels. It cleared the 50% Fib retracement level of the downward move from the $61,143 swing high to the $57,124 low. There was also a break above a connecting bearish trend line with resistance at $58,350 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $58,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $60,200 level or the 76.4% Fib retracement level of the downward move from the $61,143 swing high to the $57,124 low.
The first key resistance is near the $61,150 level. A clear move above the $61,150 resistance might send the price further higher in the coming sessions. The next key resistance could be $62,000. A close above the $62,000 resistance might spark more upsides. In the stated case, the price could rise and test the $65,000 resistance.
Another Decline In BTC?
If Bitcoin fails to rise above the $60,200 resistance zone, it could start another decline. Immediate support on the downside is near the $58,750 level. The first major support is $58,500. The next support is now near the $57,200 zone. Any more losses might send the price toward the $56,200 support in the near term.
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.
Conclusion
In conclusion, Bitcoin’s price recovery seems to be giving traders hope for a potential upward movement. With key resistance levels at $60,200 and $61,150, the future trajectory of BTC remains uncertain. Technical indicators suggest a bullish sentiment, but a failure to overcome resistance could lead to another decline towards the support levels. As the crypto market remains volatile, it’s essential for traders to stay updated with the latest news and trends. For more trending news articles like this, check out DeFi Daily News.
