Bitcoin’s price has surged past the $58,500 resistance, reclaiming the $60,000 milestone, but faces challenges in advancing further. BTC has found support above $57,500, forming a base for its rise beyond $58,500 and achieving a clear move above the $60,000 threshold.
Upon reaching the $61,200 resistance zone, a high of $61,300 was recorded before correcting gains. The price experienced a dip below the $60,500 level, trailing under the 23.6% Fib retracement mark of the earlier upward shift from the $57,488 swing low to the $61,300 peak.
Presently, Bitcoin trades above $59,500 and the 100-hourly Simple Moving Average (SMA). On the upside, resistance looms near $60,500, where a bearish trend line has formed. This trend line holds significant resistance for the BTC/USD pair.
The primary resistance stands at $60,650, and a definitive move above this level might trigger a steady rise, potentially pushing the price towards $61,200. Breaking the $61,200 resistance could pave the way for further gains, with the price possibly testing the $62,500 mark.
Conversely, if Bitcoin struggles to surpass the $60,500 resistance, it may continue to decline. Immediate support exists around the $60,000 level, with major support at $59,750. Another critical support zone lies near $59,400, corresponding to the 100-hourly SMA or the 50% Fib retracement of the upward move from $57,488 to $61,300. Any additional losses could drive the price towards the $58,450 support in the short term.
Technical indicators highlight that the MACD is decelerating in the bullish territory, while the RSI for BTC/USD is positioned above the 50 level. Key support levels are pegged at $60,000 and $59,400, with major resistance points identified at $60,500 and $61,200.
