Bitcoin Continues to Face Resistance as Price Faces Possible Decline
Bitcoin has once again encountered resistance near the $59,475 level, leading to a potential decline in price. Despite trading above $57,200 and the 100-hourly Simple Moving Average, the cryptocurrency may face challenges ahead.
Struggle to Maintain Gains
Following a surge above $57,500 and $58,500, Bitcoin struggled to sustain its momentum. A recent high of $59,474 prompted a correction, resulting in a drop below $58,500 and testing the 50% Fib retracement level. Additionally, a crucial bullish trend line was breached, signaling a potential reversal in the BTC/USD pair on the hourly chart.
– Bitcoin price faces resistance near $59,475
– Correction prompts drop below $58,500
– Break below bullish trend line indicates possible reversal
Key Levels to Watch
– Bulls strive to keep price above $57,200
– Immediate resistance at $58,400
– Key resistance levels at $58,800, $59,500, and $60,000
– Potential rise to $62,500 if $60,000 level is breached
Potential for Further Decline
If Bitcoin fails to surpass the $58,400 resistance, a new decline could ensue. Current support lies near $57,200, with additional key levels at $56,000 and $55,000. Further losses may push the price towards the $53,500 support zone in the near future.
– Failure to break $58,400 resistance could lead to decline
– Support levels at $57,200, $56,000, and $55,000
– Potential descent towards $53,500 support zone
Technical Indicators and Key Levels
Technical indicators point to a weakening in bullish momentum, with the MACD losing pace in the bullish zone. The hourly RSI for BTC/USD remains above the 50 level, indicating a potential for further movement in either direction.
– Hourly MACD shows loss in bullish momentum
– Hourly RSI remains above 50 level
– Major support at $57,200 and $56,000
– Major resistance at $58,400 and $59,500
Hot Take: Stay Vigilant in Current Bitcoin Market
As Bitcoin grapples with resistance near $59,475, traders should monitor key support and resistance levels closely. With the potential for further declines if key resistances are not breached, caution is advised to navigate the current market conditions.
Sources:
– https://www.kraken.com/bitcoin-price-chart
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