Bitcoin has successfully maintained its position above the crucial $57,650 support zone and is now showing signs of recovery. The cryptocurrency bounced back from a recent dip and is currently targeting a move beyond the $60,000 resistance zone.
Despite a recent downside correction below $60,000, Bitcoin found support after dropping past the $59,500 and $58,000 levels, ultimately bottoming out at $57,690. This drop brought BTC into a short-term bearish phase. However, a recovery wave has begun, pushing the price past the $58,000 and $58,500 marks.
Currently, Bitcoin is trading below $60,000 and below the 100-hourly simple moving average. On the hourly chart of the BTC/USD pair, a connecting bearish trend line with resistance at $60,000 is evident. The first significant resistance appears around the $60,250 level, which aligns closely with the 61.8% Fibonacci retracement level from the $61,800 high to the $57,690 low. A break above this resistance could propel Bitcoin higher, with the next major targets being $61,200 and subsequently $62,500. Successfully closing above $62,500 could open the door for further gains, potentially testing the $64,200 resistance.
Conversely, failure to break past $60,000 could trigger another decline for Bitcoin. Immediate support on the downside is located near $58,800, with major support levels at $57,650 and then $57,000. Should Bitcoin fall below these supports, it might descend towards the $55,500 or even $55,000 support zones.
Technical indicators are showing signs of potential bullishness. The hourly MACD is gaining momentum in the bullish zone, and the hourly RSI (Relative Strength Index) has risen above the 50 level. The key support levels to watch are $58,500 and $57,650, while the main resistance levels are at $60,000 and $60,250.
