Bitcoin price faced a downside correction after failing to sustain above the $62,500 mark. The cryptocurrency moved below the $61,500 and $60,000 levels, entering a short-term bearish zone. There was also a break below a crucial bullish trend line with support at $61,000 on the hourly chart of the BTC/USD pair.
The price is currently consolidating near $58,500, struggling to make a recovery. Bitcoin is trading below $60,000 and the 100 hourly Simple Moving Average. However, it is stable above the 61.8% Fib retracement level.
If Bitcoin continues to trade below the $58,500 support zone, it may experience further decline. Immediate support on the downside is near the $58,500 level, followed by $57,650 and $57,250. Any additional losses could push the price towards the $55,500 support zone or even $55,000 in the near term.
On the upside, Bitcoin could face resistance near the $59,500 level, with the first key resistance at $60,000. A clear breakthrough above this level might indicate further upward movement, with the next key resistance at $61,200 and a major hurdle at $62,500. A successful close above $62,500 could trigger bullish movements, potentially leading to a test of the $65,000 resistance.
Hourly MACD is currently gaining pace in the bearish zone, signaling a potential downside movement. Hourly RSI for BTC/USD is below the 50 level, indicating a bearish sentiment in the market.
The Bitcoin price is facing a downward correction phase, with key support levels at $58,500, $57,650, and $57,250. If the cryptocurrency fails to overcome the $60,000 resistance zone, further declines are likely. However, a decisive breakthrough above $60,000 could pave the way for a bullish trend, aiming towards resistance levels at $61,200, $62,500, and potentially $65,000. Traders and investors will need to monitor the price movement closely to anticipate potential market fluctuations.
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