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Bitcoin price has started to rise again above the $58,500 resistance level. BTC has climbed back above $60,000 and is struggling to continue its rise again.
- Bitcoin is recovering its upward momentum from the $61,200 resistance level.
- The price is trading above $59,500 and the 100 hourly simple moving average.
- According to data provided by Kraken, the hourly chart of BTC/USD shows a resistance line forming at $60,500, forming a downtrend line.
- The pair is likely to rally again if it stays above the $59,400 support zone.
Bitcoin price recovers to $60,000
Bitcoin price held support above the $57,500 level. BTC formed a base and started another uptrend 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 currently correcting the upside. It moved below the $60,500 level. The price fell below the 23.6% Fibonacci correction level of the upside move from the $57,488 swing low to the $61,300 high.
Bitcoin is currently trading above $59,500 and the 100-hour SMA. In an uptrend, the price may face resistance near $60,500. There is also resistance forming at $60,500 on the hourly chart of the BTC/USD pair, forming a connected downtrend line.
The first major resistance is near the $60,650 level. A clear break above the $60,650 resistance could start a steady rise in the coming session. The next major resistance could be $61,200. A close above the $61,200 resistance could trigger further upside. In the case mentioned, the price could rise and test the $62,500 resistance.
Another downside to Bitcoin?
If Bitcoin fails to break above the $60,500 resistance zone, it could continue to decline. Immediate support for the downtrend lies near the $60,000 level.
The first major support is at $59,750. The next support is now near the $59,400 area and the 100-hourly simple moving average or the 50% Fibonacci correction level of the uptrend from the $57,488 swing low to the $61,300 high. Further losses could send the price to the $58,450 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in a bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Key support levels – $60,000, then $59,400.
Key resistance levels – $60,500 and $61,200.