Bitcoin price has started a recent decline from the $60,000 resistance zone. BTC is currently moving lower and may test the $57,650 support zone.
- Bitcoin started a recent decline from the $60,000 resistance zone.
- The price is trading below $58,800 and the 100-hour uncomplicated moving average.
- On the hourly chart of the BTC/USD currency pair (data from Kraken), there was a breakout of the key uptrend line with support at USD 59,700.
- If the rate remains above $57,650, the pair may attempt to rise again.
Bitcoin Price Falls Again
Bitcoin price struggled to stabilize above the $60,000 resistance zone. BTC formed a high near the $60,200 level before the price began a recent decline. There was a move below the $58,500 support zone.
The price fell below the 23.6% Fibonacci retracement level of the uptrend from the 56,117 swing low to the 60,210 high. Additionally, there was a break of a key bullish trendline with support at 59,700 on the hourly chart of the BTC/USD pair.
The pair has retested the $58,000 support zone. Bitcoin price is now trading below $59,000 and the 100-hour uncomplicated moving average. However, the price is still above the 50% Fibonacci retracement level of the uptrend from the $56,117 swing low to the $60,210 high.
On the other hand, the price may encounter resistance near the $58,800 level. The first key resistance is near the $59,500 level. A clear move above the $59,500 resistance may trigger further price growth in the coming sessions. The next key resistance may be $60,000.
A close above the $60,000 resistance could trigger more upside. In the given case, the price could rally and test the $61,500 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 $57,000 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.
