Bitcoin price held steady above the USD 58,500 support zone. BTC is struggling and can only begin a steady rise if it clears $61,500.
- Bitcoin is struggling to rise above the USD 60,200 and USD 61,500 resistance levels.
- The price is trading below $61,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $58,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it fails to hold above the $58,500 support.
Bitcoin price remains within a range
Bitcoin price held steady above the USD 58,000 and USD 58,500 support levels. A base was formed and the price tried to make a recovery wave above the USD 59,500 level. However, the bears were active around the $61,200 level.
There was another decline and the price tested the USD 58,800 support again. A low was formed at $58,717 and the price is now consolidating losses. It is stuck near the 23.6% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low.
Bitcoin is now trading below $61,000 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $58,800 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance around the $59,650 level. The first major resistance is around the $60,200 level. It is close to the 61.8% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low.
A clear move above the USD 60,200 resistance could push the price further higher in the coming sessions. The next major resistance could be at USD 61,200. A close above the $61,200 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 62,500 resistance.
More disadvantages of 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 $58,800 level and the trendline.
The first major support is $58,500. The next support is now near the $58,000 zone. Any further losses could send the price towards the USD 56,500 support in the short term.
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 – USD 58,800, followed by USD 58,000.
Major resistance levels – $60,200 and $61,200.
