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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 USD 60,200 and USD 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 trendline 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 Begins Recovery
Bitcoin price extended losses below the USD 58,500 support levels. BTC even peaked below $57,200. A low was formed at $57,124 and the price recently started a recovery wave.
There was a move above the USD 58,000 and USD 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 trendline 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 major resistance is around the $61,150 level. A clear move above the USD 61,150 resistance could push the price further higher in the coming sessions. The next major resistance could be at USD 62,000. A close above the $62,000 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 65,000 resistance.
Another drop in BTC?
If Bitcoin fails to rise above the USD 60,200 resistance zone, it could trigger another decline. The immediate downside support is near the USD 58,750 level.
The first major support is $58,500. The next support is now near the $57,200 zone. Any further losses could send the price towards the USD 56,200 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 58,750, followed by USD 58,500.
Major resistance levels – $60,200 and $61,150.
