Bitcoin price has been stable above the $58,500 support zone. BTC is struggling and needs to break above $61,500 to start a steady uptrend.
- Bitcoin is struggling to break above the resistance levels of $60,200 and $61,500.
- The price is trading below $61,000 and the 100 hourly simple moving average.
- According to data provided by Kraken, there is a support line forming at $58,800 on the hourly chart of BTC/USD, with a connected bullish trend line forming.
- Losses are likely to widen if the pair fails to stay above the support level of $58,500.
Bitcoin price stuck in range
Bitcoin price remained stable above the $58,000 and $58,500 support levels. A base was formed, and the price attempted a recovery wave above the $59,500 level. However, bears were active near the $61,200 level.
There was a fresh decline, and the price retested the $58,800 support. A low was formed at $58,717 and the price is now consolidating losses. It is holding near the 23.6% Fibonacci retracement level of the recent decline from the $61,143 swing high to the $58,717 low.
Bitcoin is currently trading below $61,000 and the 100-hourly simple moving average. There is also a bullish trend line forming that connects with the support level at $58,800 on the hourly chart of the BTC/USD pair.
On the upside, the price may face resistance near the $59,650 level. The first major resistance is near the $60,200 level. It is near the 61.8% Fibonacci correction level of the recent downtrend. From the $61,143 swing high to the $58,717 low.
If the $60,200 resistance is clearly broken, the price can move higher in the next session. The next major resistance level could be $61,200. If it closes above the $61,200 resistance level, more upside is possible. In the case mentioned, the price can rise and test the $62,500 resistance level.
Another downside to Bitcoin?
If Bitcoin fails to break above the $60,200 resistance zone, another downtrend could begin. Immediate support for the downtrend lies near the $58,800 level and the trend line.
The first major support is at $58,500. The next support is now near the $58,000 area. If there is further loss, the price could move towards the $56,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in a downtrend.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Key support levels – $58,800, then $58,000.
Key resistance levels – $60,200 and $61,200.