The price of Bitcoin recently failed to surpass the critical $61,500 resistance zone, prompting a descent back to the $58,000 support level. Bitcoin’s attempt to rise above the $61,500 mark was short-lived, leading to a downward trend below $60,500. The cryptocurrency saw declines past $60,000 and $59,000 levels, exacerbated by a break below a key bullish trend line with support at $59,250 on the hourly chart for the BTC/USD pair.
Currently, Bitcoin is trading below $60,000 and the 100 hourly Simple Moving Average. The price could encounter resistance near the $58,800 mark, aligning with the 23.6% Fibonacci retracement level from the downward movement between $61,438 and $58,061. Further resistance is noted around the $59,500 level, coinciding with the 50% Fibonacci retracement level from the same range. A definitive move above $59,500 might propel Bitcoin higher, with the next significant resistance at $60,000.
A successful breach of the $61,500 resistance could potentially trigger more gains, possibly driving the price towards the $63,500 resistance level. However, if Bitcoin fails to rise above the $58,800 resistance, it risks further declines. Immediate support on the downside stands at $58,000, with major support at $57,650 and subsequent support near the $56,500 zone. Continued losses could drive the price towards $55,500 or even $55,000 in the near term.
Technical indicators reflect this bearish sentiment, with the hourly MACD gaining traction in the bearish zone and the hourly Relative Strength Index (RSI) for BTC/USD remaining below the 50 level. Key support levels are set at $58,000 and $57,650, while main resistance levels to watch are $58,800 and $59,500.
