Bitcoin’s price has shown resilience, surpassing the $60,000 resistance zone as it embarks on a recovery wave. Currently, BTC is trading above the significant $60,000 mark, supported by the 100 hourly simple moving average. However, the cryptocurrency faces challenges, struggling to break through resistance levels at $61,200 and $61,500.
The digital asset’s journey upwards began with a notable move past the $58,500 resistance zone. With momentum building, Bitcoin managed to clear both the $59,500 and $60,000 barriers. This upward shift was further confirmed with a break above a bearish trend line at $59,500, as evidenced in the hourly chart of the BTC/USD pair. Bitcoin even saw a spike above $61,500, reaching a high of $61,555 before pulling back to correct its gains.
Recent trading activity witnessed Bitcoin dipping below $61,200 and $61,000. The price retraced slightly below the 23.6% Fibonacci retracement level from its rise from the $58,441 low to the $61,555 high. Despite this, Bitcoin remains securely above the $60,000 level and the 100 hourly simple moving average. Furthermore, it hovers well above the 50% Fibonacci retracement level from the same upward movement. Looking ahead, resistance is anticipated around the $61,200 mark.
The primary resistance Bitcoin faces is near $61,500. Overcoming this could propel the price upwards, with subsequent resistance expected at $62,500. Should Bitcoin manage to close above the significant $63,500 resistance, the price could ascend further, potentially testing the $65,000 mark.
Conversely, if Bitcoin struggles to clear the $61,500 resistance zone, a decline could be on the horizon. Immediate support lies near the $60,000 level, bolstered by the 100 hourly simple moving average. Further support is found at $59,650, with another layer near $59,150. A failure to hold these levels might result in Bitcoin falling towards the $58,500 support zone or even $57,200 in the short term.
Technical indicators provide additional insights. The hourly Moving Average Convergence Divergence (MACD) suggests a loss of momentum in the bullish zone, whereas the Relative Strength Index (RSI) for BTC/USD remains above the 50 level, indicating continued market strength. Major support levels are identified at $60,000 and $59,650, while resistance is poised at $61,200 and $61,500.
