š„š„ Bitcoin Price Stabilizes After Losses: Can Bulls Overcome Resistance for a Recovery?
š Bitcoin price is consolidating losses above the $55,000 level. BTC must settle above $58,500 and then $60,000 to start a recovery wave.
ā¢ Bitcoin dipped again and retested the $54,500 support zone.
ā¢ The price is trading below $58,500 and the 100 hourly Simple moving average.
ā¢ There is a connecting bearish trend line forming with resistance at $57,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
ā¢ The pair might struggle to start a fresh increase above the $58,500 resistance zone.
Bitcoin Price Faces Hurdles
Bitcoin price attempted aĀ recovery waveĀ above the $56,500 level. BTC even climbed above the $57,500 level. However, it failed to continue higher above the $58,200 zone.
A high was formed at $58,129 and the price started a fresh decline. There was a drop below the $57,000 and $55,500 level. A low has formed near $54,954 and the price is now consolidating losses. There was a minor increase above the 50% Fib retracement level of the downward move from the $58,129 swing high to the $54,954 low.
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