Bitcoin price started a new decline from the USD 60,000 resistance zone. BTC is now moving lower and could test the USD 57,650 support zone.
- Bitcoin started a new decline from the $60,000 resistance zone.
- The price is trading below $58,800 and the 100 hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $59,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt another rise if it remains above the $57,650 zone.
Bitcoin price drops again
Bitcoin price struggled to move above the USD 60,000 resistance zone. BTC formed a top near the $60,200 level before the price started falling again. There was a move below the $58,500 support zone.
The price fell below the 23.6% Fib retracement level of the upward move from the $56,117 swing low to the $60,210 high. Additionally, there was a break below a key bullish trendline with support at $59,700 on the hourly chart of the BTC/USD pair.
The pair retested the $58,000 support zone. Bitcoin price is now trading below $59,000 and the 100 hourly Simple Moving Average. However, the price is still above the 50% Fib retracement level of the upward move from the $56,117 swing low to the $60,210 high.
On the upside, the price could encounter resistance around the $58,800 level. The first major resistance is near the $59,500 level. A clear move above the USD 59,500 resistance could push the price further higher in the coming sessions. The next major resistance could be at USD 60,000.
A close above the $60,000 resistance could lead to more upside. In the mentioned case, the price could rise and test the USD 61,500 resistance.
Lose more in BTC?
If Bitcoin fails to rise above the $58,800 resistance zone, it could continue to decline. The immediate downside support is near the $58,000 level.
The first major support is at $57,650. The next support is now near the $57,000 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 58,000, followed by USD 57,650.
Major resistance levels – $58,800 and $59,500.