As Bitcoin price continues on its volatile path, it has managed to stay above the $57,650 support zone. The recent trend indicates a potential rise in price, with a possible move above the $60,000 resistance zone. The recovery wave has seen the price trading below $60,000 and the 100 hourly Simple Moving Average. Despite these challenges, there is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair.
Recent Price Movement
Bitcoin’s price experienced a downside correction below the $60,000 level, declining further below $59,500 and $58,000 to enter a short-term bearish zone. However, a low was formed at $57,690, leading to a recovery wave. The price surpassed the $58,000 and $58,500 levels, climbing above the 50% Fib retracement level of the downward move from the $61,800 swing high to the $57,690 swing low. Currently, Bitcoin is trading below $60,000 and the 100 hourly Simple Moving Average.
On the upside, the price is likely to face resistance near the $60,000 level, with a connecting bearish trend line at this crucial point on the hourly chart. The first key resistance is around $60,250, followed by the 61.8% Fib retracement level at $60,250. A clear move above this level could signal further upward momentum, pointing towards the next key resistance levels at $61,200 and $62,500. However, failure to break above the $60,000 resistance zone may result in another decline. Immediate support levels on the downside include $58,800, $57,650, and $57,000, with further potential support at $55,500 or $55,000 in the near term.
Looking at the technical indicators, the MACD is gaining pace in the bullish zone, suggesting a positive outlook. The Hourly RSI for BTC/USD is also above the 50 level, indicating a favorable position for Bitcoin price movement in the current scenario.
While Bitcoin’s price movements remain unpredictable, the recent trends suggest a potential rise above the $60,000 resistance zone. Traders and investors should closely monitor key resistance and support levels to navigate the market effectively and make informed decisions based on current indicators and price patterns.
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