Bitcoin has started to see a recovery in its price, with a recent increase from the $57,200 zone. However, this upward trend may face some challenges as it approaches key resistance levels around $60,200 and $61,150.
Currently, Bitcoin is showing signs of a recovery wave above the $58,000 support level. It is trading above $58,000 and the 100 hourly Simple Moving Average. There was also a break above a bearish trend line, with resistance at $58,350 on the hourly chart of the BTC/USD pair.
As Bitcoin continues its recovery, it may encounter heavy resistance at $60,200 and $61,150 in the near term. These levels could potentially limit the upward movement of the cryptocurrency and present a significant challenge for further gains.
On the downside, if Bitcoin fails to break above the $60,200 resistance zone, it could reverse its current upward trend and start another decline. Immediate support is seen near the $58,750 level, with major support at $58,500. Further losses could push the price towards the $57,200 zone.
Hourly MACD is now gaining momentum in the bullish zone, indicating a potential continuation of the upward movement. The Hourly RSI for BTC/USD is also above the 50 level, suggesting a positive outlook for Bitcoin’s price in the short term.
While Bitcoin has shown signs of recovery and is trading above key support levels, it faces significant resistance ahead. The ability to break above $60,200 and $61,150 will be crucial in determining the future price action of Bitcoin. Traders and investors should monitor these levels closely to assess the cryptocurrency’s next move in the market.
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