Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $60K

Bitcoin gained momentum and rose above $58,000 to the US Dollar. BTC still has a long way to go before it can move towards $60,000

  • Bitcoin experienced a significant increase in value above $57,000-$58,000 levels.
  • The current price of the stock is trading at $57,000, with the simple moving average 100 hours per hour.
  • A key contracting triangle is emerging with resistance close to $58,000 in the hourly chart on the BTC/USD pair. (Data feed from Kraken).
  • For the pair to move higher, it must overcome the resistance of $58,000.

Bitcoin price consolidating gains

Bitcoin’s price began a new rise above the $55,000 resistance level and the $57,000 support level. BTC also surpassed the $57,000 mark and the 100-hourly simple moving average.

Even breaking the $58,000 resistance, the price traded near the $59,000 mark. The price has corrected gains and now stands at $58,890. A break below $58,500 was seen. Price fell below 23.6% Fib level for upward move between the $53,300 swing low and the $58,890 peak.

It currently trades above $57,000, the 100 hourly simple moving mean. The $58,000 mark is the immediate resistance.

Bitcoin Price

Source: BTCUSD from TradingView.com

A key contracting triangle is also present with resistance close to $58,000 in the hourly chart. Clear breaks above $58,000 could lead to greater upsides. Near the $58,500 mark is the next major resistance. The price could rise to $60,000. The price may accelerate if the close is above $60,000

BTC’s Latest Decline

Bitcoin could begin a new decline if it fails to break the $58,000 resistance level. The $57,400 level is a support area for the downside.

Near the $56,200 mark, there is a first significant support. Next is the $56,200 support. The Fib level at 50% is the retracement of the upward movement from $53,300 low to $58,890 high. Price could move towards $55,000 with any further losses.

Technical indicators

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $57,000, followed by $56,200.

Major Resistance Levels – $58,000, $58,500 and $60,000.

Get more Crypto News at CFX Magazine