Bitcoin price started a downward correction from the USD 62,700 resistance zone. BTC is now consolidating near $58,500 and is struggling to recover.
- Bitcoin started a significant downward move below the USD 61,500 and USD 60,000 levels.
- The price is trading below $60,000 and the 100 hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall further if it trades below the $58,500 support zone.
Bitcoin price holds support
Bitcoin price started a downward correction after failing to stay above $62,500. BTC fell below the USD 61,500 and USD 60,000 levels and entered a bearish zone for the short term.
There was a break below a key bullish trendline with support at $61,000 on the hourly chart of the BTC/USD pair. The pair even fell below the 50% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high.
Bitcoin price is now trading below $60,000 and the 100 Hourly Simple Moving Average. The bulls are protecting the USD 58,500 support zone. The price is stable above the 61.8% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high.
On the upside, the price could encounter resistance near the USD 59,500 level. The first major resistance is around the $60,000 level. A clear move above the USD 60,000 resistance could push the price further higher in the coming sessions. The next major resistance could be $61,200.
The next big hurdle is at $62,500. A close above the resistance at $62,500 could trigger bullish moves. In the mentioned case, the price could rise and test the USD 65,000 resistance.
More disadvantages of BTC?
If Bitcoin fails to rise above the $60,000 resistance zone, it may continue to fall. The immediate downside support is near the USD 58,500 level.
The first major support is at $57,650. The next support is now near the $57,250 zone. Any further losses could send the price towards the $55,500 support zone or even $55,000 in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 58,500, followed by USD 57,250.
Major resistance levels – $59,500 and $60,000.
