Bitcoin’s recovery from the $56,350 support zone could face several obstacles as it approaches the $60,000 resistance level. Despite a break above a key bearish trend line and a climb above the $58,000 resistance zone, Bitcoin is still trading below $60,000 and the 100 hourly Simple moving average. The immediate resistance is around $60,000, followed by $60,500 and $61,500. A clear move above the $61,500 resistance level could propel the price higher towards $65,000. However, if Bitcoin fails to surpass the $60,500 resistance, it may experience another decline. The immediate support levels are near $58,500 and $57,800, with further losses potentially leading to a drop towards the $56,350 and $55,000 support levels.
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Bitcoin Price Recovery Could Face Many Hurdles Near $60K, Here’s Why
