Bitcoin price failed to break the USD 61,500 resistance zone. BTC is now retesting the $58,000 support and could attempt another increase.
- Bitcoin started a new decline from the USD 61,500 resistance zone.
- 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 $59,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt another rise if it remains above the $58,000 zone.
Bitcoin price holds support
Bitcoin price failed to move above the USD 61,500 resistance zone. BTC formed a short-term top and started a new decline below the USD 60,500 level. There was a move below the USD 60,000 and USD 59,000 levels.
Furthermore, there was a break below a key bullish trendline with support at $59,250 on the hourly chart of the BTC/USD pair. The pair retested the $58,000 support zone. A low is formed at $58,061 and the price is now consolidating losses.
Bitcoin price is now trading below $60,000 and the 100 Hourly Simple Moving Average. On the upside, the price could encounter resistance around the $58,800 level. It is close to the 23.6% Fib retracement level of the downward move from the $61,438 swing high to the $58,061 low.
The first major resistance is near the $59,500 level or the 50% Fib retracement level of the downward move from the $61,438 swing high to the $58,061 low. A clear move above the $59,500 resistance could send the price further higher in the coming sessions. The next major resistance could be at USD 60,000.
The next big hurdle is at $61,500. A close above the $61,500 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 63,500 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 $56,500 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.
