Bitcoin price found support near the $56,350 zone. BTC is recovering higher, but the bears might be active near the $60,000 resistance zone.
- Bitcoin is attempting a recovery wave from the $56,350 support zone.
- The price is trading below $60,000 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $57,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to clear the $60,000 and $60,500 resistance levels.
Bitcoin Price Faces Resistance
Bitcoin price extended losses below the $60,000 level to enter a short-term bearish zone. BTC even traded below the $58,000 level before the bulls appeared near the $56,350 level.
A low was formed at $56,378 and the price started a decent recovery wave. The price climbed above the $58,000 resistance zone. There was a break above a key bearish trend line with resistance at $57,800 on the hourly chart of the BTC/USD pair.
The price climbed above the 23.6% Fib retracement level of the downward wave from the $64,738 swing high to the $56,378 low. Bitcoin is still trading below $60,000 and the 100 hourly Simple moving average.
Immediate resistance is near the $60,000 level. The first major resistance could be $60,500. It is close to the 50% Fib retracement level of the downward wave from the $64,738 swing high to the $56,378 low. The next key resistance could be $61,500.
Source: BTCUSD on TradingView.com
A clear move above the $61,500 resistance might send the price higher. The next resistance now sits at $63,400. If there is a clear move above the $63,400 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000.
Rejection In BTC?
If Bitcoin fails to rise above the $60,500 resistance zone, it could start another decline. Immediate support on the downside is near the $58,500 level.
The first major support is $57,800. If there is a close below $57,800, the price could start to drop toward $56,350. Any more losses might send the price toward the $55,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $57,000, followed by $56,500.
Major Resistance Levels – $60,000, $60,500, and $61,500.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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