Bitcoin price started another surge above the $58,500 resistance. BTC is back above $60,000 and is once again struggling to continue higher.
- Bitcoin is correcting gains from the $61,200 resistance zone.
- The price is trading above $59,500 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $60,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it sustains above the $59,400 support zone.
Bitcoin Price Recovers $60K
Bitcoin price remained supported above the $57,500 level. BTC formed a base and started another increase above the $58,500 resistance zone. There was a clear move above the $60,000 level.
The price tested the $61,200 resistance zone. A high was formed at $61,300 and the price is now correcting gains. There was a move below the $60,500 level. The price declined below the 23.6% Fib retracement level of the upward move from the $57,488 swing low to $61,300 high.
Bitcoin is now trading above $59,500 and the 100-hour simple moving average. On the upside, the price might face resistance near the $60,500 level. There is also a bearish trend line forming with resistance at $60,500 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $60,650 level. A clear move above the $60,650 resistance could start a steady increase in the coming sessions. The next key resistance could be at $61,200. A close above the $61,200 resistance could provide more upside. In this case, the price could move higher and test the $62,500 resistance.
More downsides to BTC?
If Bitcoin fails to climb above the $60,500 resistance zone, it could continue to decline. Immediate support on the downside is near the $60,000 level.
The first major support is at $59,750. The next support is now near the $59,400 zone and the 100 hourly simple moving average or the 50% Fib retracement level of the upward move from the $57,488 low to $61,300 high. Any more losses could send the price towards the $58,450 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $60,000, followed by $59,400.
Key Resistance Levels – $60,500 and $61,200.