Bitcoin is facing renewed bearish pressure after struggling to clear the $60,000 resistance mark. Having started a fresh decline, the cryptocurrency has fallen below crucial support levels, raising concerns about further downsides ahead.
The cryptocurrency corrected gains, slipping below the $59,000 threshold, and is currently trading beneath $58,500 and the 100-hour simple moving average. A bearish trend line has emerged on the hourly chart of the BTC/USD pair, with resistance forming around the $58,000 mark.
As the price moved downward, it dropped below the 50% Fibonacci retracement level, descending from a recent high of $60,638 to a low of $55,550. This trend allowed the bears to push Bitcoin toward the $57,500 support zone.
Bitcoin is now testing the 61.8% Fibonacci retracement level of its prior upward movement. Any potential recovery could face resistance near the $58,000 level and the trend line, with the first key resistance point around $59,200, at the 100-hour simple moving average. A clear break above this resistance could trigger a steady increase, possibly allowing Bitcoin to retest the $60,000 resistance level in the near future.
However, if Bitcoin fails to overcome the $58,000 resistance, further declines are likely. Immediate support on the downside lies near $57,500, with the first major support level at $56,750 and further support at $56,250. Any substantial losses beyond these points could potentially send Bitcoin down to the $55,550 support zone in the short term.
Technical indicators present a bearish outlook. The hourly MACD is gaining momentum in the bearish zone, and the hourly RSI for BTC/USD is below the 50 level, indicating a sell signal. Major support levels are identified at $57,500 and $56,750, while major resistance levels are positioned at $58,000 and $59,200.
