Bitcoin price failed to break through the $61,500 resistance zone. BTC is retesting the $58,000 support and could attempt a modern uptrend.

• Bitcoin started a modern decline from the $61,500 resistance zone.
• The price is trading below $60,000 and the 100-hour elementary moving average.
• On the hourly chart of the BTC/USD pair (data from Kraken), there was a breakout of the key uptrend line with support at $59,250.
• If the rate remains above $58,000, the pair may attempt to rise again.

Bitcoin price maintains support

Bitcoin price failed to stabilize above the $61,500 resistance zone. BTC formed a short-term top and began a modern decline below the $60,500 level. There was a move below the $60,000 and $59,000 levels.

Apart from that, there was a break of the key bullish trendline with support at $59,250 on the hourly chart of the BTC/USD pair. The pair retested the $58,000 support zone. The low was formed at $58,061, and the price is now consolidating losses.

Bitcoin price is currently trading below $60,000 and the 100-hour elementary moving average. On the upside, the price could face resistance near the $58,800 level. It is near the 23.6% Fibonacci retracement level of the downward move from the $61,438 high to the $58,061 low.

The first key resistance is near the $59,500 level or the 50% Fibonacci retracement level of the downward move from the $61,438 high to the $58,061 low. A clear move above the $59,500 resistance could see the price rally further in the coming sessions. The next key resistance could be $60,000.

The next major obstacle is $61,500. A close above the $61,500 resistance could trigger more upside. In this case, the price could rise and test the $63,500 resistance.

More BTC losses?

If Bitcoin fails to break above the $58,800 resistance zone, it could continue to fall. Immediate support on the downside is near the $58,000 level.

The first major support is at $57,650. The next support is now near the $56,500 zone. Any further losses could take the price towards the $55,500 support zone or even $55,000 in the near future.

Technical indicators:

Hourly MACD – MACD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for the BTC/USD pair is currently below the 50 level.

Major support levels – $58,000 followed by $57,650.

Major resistance levels – USD 58,800 and USD 59,500.