Bitcoin Price Analysis 📈
Bitcoin recently tested the $58,000 zone before experiencing a slight recovery. However, the price is currently trading below $62,000 and the 100 hourly Simple Moving Average. There is a visible bearish trend line with resistance at $60,200 on the hourly chart of the BTC/USD pair from Kraken. If the price fails to move above the $60,500 resistance, there is a possibility of another downward slip.
Bitcoin Price Starts Consolidation 🔄
The Bitcoin price encountered bearish momentum below the $62,500 mark, leading to a dip below $60,000. Bulls intervened around the $58,000 level, forming a low at $58,009, and now the price is consolidating its losses. A minor recovery wave pushed the price above $58,500 and $58,800 levels, testing the 23.6% Fib retracement level from the recent swing high to low.
- The price is currently below $61,200 and the 100 hourly SMA.
- Resistance is anticipated near $59,650 and $60,000 levels.
- A significant bearish trend line with resistance at $60,200 is forming on the hourly chart.
- A clear breakthrough above $60,200 may lead to further upward movement towards $61,500.
More Downsides In BTC? 📉
If Bitcoin fails to surpass the $60,200 resistance, a continuation of the downtrend is probable. Immediate support is around $58,550, with major support at $58,000 and $57,650. Further downturns could drive the price towards the $56,500 support level in the short term.
- Hourly MACD shows a slowdown in the bearish zone.
- Hourly RSI for BTC/USD is currently below the 50 level.
Key support levels include $58,550 and $58,000, while important resistance levels are at $60,200 and $61,500.
Hot Take 🔥
Stay vigilant as market dynamics shift in the wake of Bitcoin’s recent price movements. With various support and resistance levels identified, it’s crucial to monitor developments closely to make informed decisions about your cryptocurrency investments.
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