#bitcoin☀️ Price Bounce Back: Could the Recovery Lose Momentum?
Bitcoin Price Update: Recovery and Resistance Levels
Bitcoin has started a recovery after falling below $50,000, now trading above $55,000. The price faces key resistance near the $58,000 zone.
Current Price Action
After dropping below the $52,500 support zone and trading as low as $49,111, Bitcoin has begun to rebound. The recovery saw BTC move above $52,500 and test the 50% Fib retracement level of the decline from $61,040 to $49,111.
A significant break occurred above a bearish trend line with resistance at $55,100 on the hourly BTC/USD chart (data feed from Kraken). However, Bitcoin remains below $58,000 and the 100-hourly Simple Moving Average.
Resistance Levels
On the upside, Bitcoin could encounter resistance around $56,500, which aligns with the 61.8% Fib retracement level of the drop from $61,040 to $49,111. The primary resistance is near $58,250. A clear break above this level may drive the price higher, potentially testing $58,800 and the major resistance at $60,000. A close above $60,000 could trigger further bullish movement towards $62,000.
Potential Downside
If Bitcoin struggles to surpass the $58,000 resistance, it might face another decline. Immediate support is near $55,000, followed by significant support levels at $53,500 and $52,000. A drop below $52,000 could push the price towards the $50,000 support zone.
Technical Indicators
- Hourly MACD: Gaining momentum in the bullish zone.
- Hourly RSI: Above the 50 level.
- Major Support Levels: $55,000, followed by $53,500
- Major Resistance Levels: $56,500, and $58,000
Source - newsbtc.com
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