💥💥💥 #bitcoinprice Retains Support: Is a Bounce Back on the Horizon?
Bitcoin's price has remained steady above the $58,500 support zone, but it continues to face resistance, struggling to break above the $61,500 level.
Key Points:
- Bitcoin is encountering strong resistance at $60,200 & $61,500.
- The price is currently trading below $61,000 & the 100-hour Simple Moving Average (SMA).
- A bullish trend line with support at $58,800 is forming on the hourly chart of the BTC/USD pair (data feed from Kraken).
- Bitcoin may see further losses if it fails to maintain the $58,500 support level.
Bitcoin Price Range-Bound
After stabilizing above the $58,000 & $58,500 support levels, Bitcoin attempted a recovery, pushing above $59,500. However, it faced selling pressure around $61,200, leading to a fresh decline that brought the price back to the $58,800 support level. A low was established at $58,717, and Bitcoin is now consolidating around this level.
Currently, Bitcoin is trading below $61,000 & the 100-hour SMA. There's also a bullish trend line forming, offering support at $58,800 on the BTC/USD hourly chart.
Bitcoin faces initial resistance at $59,650, with significant resistance at $60,200, near the 61.8% Fibonacci retracement. Breaking above $60,200 could push the price to $61,200, and a close above this level might lead to further gains toward $62,500.
Potential Downside Risks
If Bitcoin fails to break above the $60,200 resistance, it could face renewed selling pressure. Immediate support lies near $58,800, aligned with the bullish trend line. The first significant support is at $58,500, followed by the $58,000 zone. A break below these levels could lead to a decline toward the $56,500 support.
Technical Indicators:
- Hourly MACD: The MACD is losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is below 50, indicating a weakening trend.
- Major Support Levels: $58,800 & $58,000.
- Major Resistance Levels: $60,200 & $61,200.
Source - newsbtc.com
