Bitcoin Struggling to Break Resistance Levels
Bitcoin has been facing challenges in surpassing the $60,200 and $61,500 resistance levels this year. The price is currently trading below $61,000 and the 100 hourly Simple Moving Average, indicating a struggle for bulls to gain control. A connecting bullish trend line is forming with support at $58,800 on the hourly chart of the BTC/USD pair from Kraken. If the pair fails to hold above the $58,500 support level, it may experience further losses.
Bitcoin Price Stuck In A Range
The Bitcoin price has maintained stability above the $58,000 and $58,500 support levels after forming a base. An attempted recovery wave above $59,500 faced resistance near $61,200 from active bears. After a fresh decline, the price retested the $58,800 support area and formed a low at $58,717. Currently, the price is consolidating losses and is trapped near the 23.6% Fibonacci retracement level of the recent decline from $61,143 to $58,717.
- The price is now trading below $61,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trend line is forming with support at $58,800 on the hourly chart of the BTC/USD pair.
Resistance levels to watch include $59,650 and $60,200, with the latter being a key level accompanied by the 61.8% Fibonacci retracement level from the recent swing high. A clear break above $60,200 could pave the way for further upside momentum, with potential resistance at $61,200 and a subsequent test of $62,500 resistance.
More Downsides In BTC?
If Bitcoin fails to break above the $60,200 resistance, it may trigger another downward movement. Immediate support levels on the downside are at $58,800 and the bullish trend line, followed by major support at $58,500. Further losses could see the price drop towards $58,000 and potentially $56,500 in the short term.
- Hourly MACD – The MACD is displaying a loss of momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
- Major Support Levels – $58,800, followed by $58,000.
- Major Resistance Levels – $60,200, and $61,200.
Hot Take: Bitcoin’s Battle With Resistance Continues
Bitcoin’s struggles to break above key resistance levels show that there is significant selling pressure preventing a sustained upward move. Traders and investors will closely monitor developments around the $60,200 and $61,200 levels to gauge the next potential price direction. With indicators signaling a bearish sentiment, Bitcoin’s ability to hold above crucial support levels will be crucial in determining whether the current range-bound trading persists or if a breakout is on the horizon.
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