Bitcoin’s price has stabilized above the critical $58,500 support zone, yet the cryptocurrency continues to struggle against key resistance levels. BTC needs to break through $61,500 to begin a steady increase.
Currently, Bitcoin faces significant resistance around the $60,200 and $61,500 levels. The price remains below $61,000, as well as the 100-hourly Simple Moving Average. A bullish trend line is emerging, providing support around $58,800 on the BTC/USD hourly chart.
Bitcoin’s price has held steady above the $58,000 and $58,500 support marks, forming a base that allowed for a recovery attempt above the $59,500 level. Nonetheless, bearish activity was prominent near the $61,200 mark, leading to a decline that saw the price retest the $58,800 support. A low point was established at $58,717, prompting a period of consolidation. Currently, the price hovers near the 23.6% Fibonacci retracement level, following a decline from a $61,143 swing high to the $58,717 low.
In the current trading window, Bitcoin is below $61,000 and the 100-hourly Simple Moving Average. The chart reveals a bullish trend line forming support around the $58,800 mark. Should the price attempt an upward movement, it will face initial resistance at approximately $59,650, with the first significant resistance emerging near the $60,200 level. This area aligns with the 61.8% Fibonacci retracement level from the recent decline.
A definitive move beyond the $60,200 resistance could propel the price higher in subsequent trading sessions, bringing the next key resistance level to $61,200. A close above this point may ignite further upward momentum, potentially pushing the price to test the $62,500 resistance.
Conversely, if Bitcoin cannot surpass the $60,200 resistance zone, it may experience another downturn. Immediate downside support is near the $58,800 level and the trend line. Primary support is established at $58,500, and should further losses occur, the price might descend to the $58,000 zone. Prolonged selling pressure could drive the price down to the $56,500 support in the short term.
Technical indicators reveal that the Hourly MACD is losing momentum in the bearish zone, while the RSI for BTC/USD stands below the 50 level. Major support levels are identified at $58,800, followed by $58,000, with significant resistance at $60,200 and $61,200.
