Bitcoin price has entered a consolidation phase near the $58,500 level after testing the $58,000 zone and experiencing a minor recovery. The current price is below $62,000 and the 100 hourly Simple Moving Average, indicating a bearish sentiment in the market.

A major bearish trend line is forming with resistance at $60,200 on the hourly chart of the BTC/USD pair, suggesting that the price might slip again if it fails to move above the $60,500 resistance level. This resistance is crucial for initiating a recovery wave in the near term.

The hourly MACD is losing pace in the bearish zone, while the hourly RSI for BTC/USD is below the 50 level, indicating a potential further downside. The major support levels are at $58,550 and $58,000, with resistance levels at $60,200 and $61,500.

Bitcoin price has gained bearish momentum below $62,500 and even dived below $60,000 before finding support near $58,000. The current consolidation phase suggests that the market is undecided about the next move, with key resistance levels at $59,650, $60,000, and $60,200.

If the price manages to clear the $60,200 resistance, it could pave the way for a further upside towards $61,500 and potentially $62,500. However, a failure to break above this resistance zone could lead to more downside, with immediate support at $58,550 and major support at $58,000.

The Bitcoin price is currently in a consolidation phase near key resistance levels, with the next move depending on its ability to break above the $60,500 resistance. Traders should closely monitor the market indicators and price levels to make informed trading decisions in the coming sessions.

Analysis

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