Bitcoin’s price has entered a consolidation phase near the $58,500 mark. For Bitcoin to initiate a short-term recovery, it must break through the $60,500 resistance level.
Recently, Bitcoin touched the $58,000 zone before experiencing a minor recovery. Currently, the price is trading below $62,000 and the 100-hourly Simple Moving Average. An important bearish trend line is forming with resistance near the $60,200 level on the hourly BTC/USD chart, as per data from Kraken. If the pair doesn’t surpass the $60,500 resistance, it might slip again.
After gaining bearish momentum below the $62,500 level, Bitcoin’s price plunged beneath the $60,000 mark. Support emerged around the $58,000 level, where a low was established at $58,009. Since then, Bitcoin has been consolidating its losses, with a minor recovery wave lifting it above the $58,500 and $58,800 levels. The price tested the 23.6% Fibonacci retracement level from the high of $65,070 to the low of $58,009.
Currently, Bitcoin trades below $61,200 and the 100-hourly Simple Moving Average. On the upside, resistance looms near the $59,650 level, with the first significant resistance around the $60,000 mark. Additionally, a critical bearish trend line is forming, featuring resistance at $60,200 on the BTC/USD hourly chart.
A decisive move above the $60,200 resistance could propel the price higher in the short term, with the next key resistance likely around $61,500. This level aligns closely with the 50% Fibonacci retracement level from the $65,070 high to the $58,009 low.
