
The value of the ambitious and often unpredictable Bitcoin continues its dance of consolidation, hovering just above the $55,000 mark. For a growth wave to be initiated, experts are suggesting that the cryptocurrency must establish its footing firmly above the $58,500 mark, subsequently breaking the resistant $60,000 barrier as an ultimate goal.
In a series of tumbles and recovering rises, Bitcoin has once again tasted the bitter support zone of $54,500, without managing to elevate itself consistently beyond the $58,500 resistance, falling short of the 100 hourly Simple moving average at this point. Data feed from Kraken further emphasizes a looming bearish trend line born of fluctuations, indicating a potential uphill battle when faced with the unforgiving resistance zone of $58,500.
With resilience unyielding, Bitcoin nudged its way above the $56,500 mark, even managing to tiptoe above $57,500. This celebratory rise, however, was dealt a swift reality check as progress beyond the $58,200 zone fizzled out. A high of $58,129 was recorded before the inevitable trough in this particular wave, leading to a decline. The drop saw the valiant Bitcoin plummet below $57,000 and even further to below the $55,500 mark, resulting in a low of approximately $54,954. Presently, it appears that Bitcoin is gathering its strength, lightly bouncing above the 50% Fib retracement level patterned on the downward spiral from the $58,129 peak to the $54,954 trough.
Although Bitcoin continues to spar with the $57,500 mark and the 100 hourly Simple moving average, the first hurdle on the uphill path lies at around $57,250, which is also the 76.4% Fib retracement level based on the previous downfall. The resistance at $57,650 presents significant headwinds, a figure further emphasized by the bearish trend, and should the value manage to break free from this trend line, we could see a nudge towards the $58,200 level. Any decisive close above the anticipated resistance of $58,500 could set the scene for a steady climb, potentially sending the price to challenge the elusive $60,000 mark.
However, speculation of a Bitcoin retreat is also on the cards should we see a failure to overcome the $57,650 resistance. Instant support for such a scenario hovers around the $56,000 mark, major solidarity is expected at $55,500 with additional safety net support at $54,500. Any further losses driven by a more drastic decline could see Bitcoin tumbling towards the $5,200 support.
On the technical side, the moving average convergence divergence (MACD) is losing momentum in the bearish zone. But the relative strength index (RSI) for BTC/USD now sits just above the 50 mark. The major support levels fluctuate at $55,500 and $54,500 while the predicted major resistance levels are solid at $57,650 and $58,500.