Bitcoin price has recently struggled to maintain momentum as it faced a fresh decline from the $60,000 resistance zone. This decline has caused BTC to move lower and it might test the $57,650 support zone in the near term. The price is currently trading below $58,800 and the 100 hourly Simple Moving Average, indicating a bearish trend in the market.
Despite the downward movement, there are key resistance levels that Bitcoin could face if it attempts a fresh increase. The $58,800 level is likely to act as a strong resistance, followed by the $59,500 level. A clear move above the $59,500 resistance could signal further upside potential for the price, with the next key resistance level being $60,000. A close above this level could lead to even more upsides, with a possible test of the $61,500 resistance.
On the flip side, if Bitcoin fails to rise above the $58,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,000 level, followed by a major support level at $57,650. The next support after that is around the $57,000 zone. Any further losses might push the price towards the $55,500 support zone, or even potentially reaching $55,000 in the near term.
Looking at the technical indicators, the hourly MACD for Bitcoin is now gaining pace in the bearish zone, suggesting a further downside movement. The hourly RSI (Relative Strength Index) for BTC/USD is currently below the 50 level, indicating a bearish sentiment in the market. These technical indicators align with the current price action, pointing towards a potential continuation of the downward trend.
Bitcoin’s price decline from the $60,000 resistance zone has put the market in a bearish state, with key resistance levels to overcome for any potential upside movement. The support levels are crucial in preventing further losses, with technical indicators showing a bearish outlook for the near term. Traders and investors should closely monitor these levels and indicators to make informed decisions in the current market scenario.
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