Bitcoin’s recent price trajectory took a downturn, starting a downward correction from the $62,700 resistance zone. Currently, BTC is consolidating near $58,500, struggling to show signs of recovery.
The cryptocurrency experienced a notable drop below the $61,500 and $60,000 levels, signaling a shift into a short-term bearish zone. Notably, this move included a break below a key bullish trend line with support at $61,000 on the BTC/USD pair’s hourly chart. The descent continued, pushing through the 50% Fibonacci retracement level from the $54,556 swing low to the $62,700 high, further intensifying bearish sentiments.
Trading below $60,000 and the 100-hourly Simple Moving Average, Bitcoin’s price is tenuously holding above the crucial $58,500 support zone. This level coincides with the 61.8% Fibonacci retracement, presenting a critical juncture for BTC’s short-term performance.
Resistance on the upside looms near $59,500, with the first key resistance being the $60,000 mark. A clear breakthrough above this level could pave the way for further gains, potentially targeting the next resistance at $61,200. The major hurdle remains at $62,500, where a sustained close above this threshold might ignite bullish momentum, driving the price toward the ambitious $65,000 resistance level.
Conversely, failure to surpass the $60,000 resistance could see Bitcoin continuing its downtrend. Immediate support on the downside is pegged at $58,500, with further significant support levels identified at $57,650 and $57,250. A breach below these points could push the price toward the $55,500 or even $55,000 support zones in the near term.
Technical indicators reflect a bearish bias, with the Hourly MACD gaining pace in its downward trajectory and the RSI dipping below the 50 level, reinforcing the precarious position of BTC’s current market status. Major support levels remain at $58,500 and $57,250, while resistance levels stand at $59,500 and $60,000.
