This article is available in Spanish.
Bitcoin price started to rise again above the USD 58,500 resistance. BTC is back above $60,000 and is once again struggling to stay higher.
- Bitcoin corrects gains from the USD 61,200 resistance zone.
- The price is trading above USD 59,500 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is 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 remains above the $59,400 support zone.
Bitcoin price reclaims $60K
Bitcoin price remained supported above the USD 57,500 level. BTC formed a base and started a new rise above the USD 58,500 resistance zone. There was a clear move above the USD 60,000 level.
The price tested the USD 61,200 resistance zone. It reached a high at $61,300 and the price is now correcting gains. There was a move below the USD 60,500 level. The price fell below the 23.6% Fib retracement level of the upward move from the $57,488 swing low to the $61,300 high.
Bitcoin is now trading above $59,500 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 60,500 level. A connecting bearish trendline is also forming with resistance at $60,500 on the hourly chart of the BTC/USD pair.
The first major resistance is around the $60,650 level. A clear move above the USD 60,650 resistance could trigger a steady rise in the coming sessions. The next major resistance could be $61,200. A close above the resistance at $61,200 could provide more upside. In the mentioned case, the price could rise and test the USD 62,500 resistance.
More disadvantages of BTC?
If Bitcoin fails to rise above the USD 60,500 resistance zone, it could continue to decline. The immediate downside support 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 50% Fib retracement level of the upward move from the $57,488 swing low to the $61,300 high. Any further losses could send the price towards the USD 58,450 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 60,000, followed by USD 59,400.
Major resistance levels – $60,500 and $61,200.
