Bitcoin Price Sees Continuing Support: Can We Expect a Rebound?
Bitcoin price has managed to maintain stability above the crucial $58,500 support level, prompting speculation of a potential bounce back in the near future.
- Bitcoin is facing difficulties in surpassing the resistance levels at $60,200 and $61,500.
- The price is currently trading below $61,000 and the 100 hourly Simple Moving Average.
- An encouraging bullish trend line is forming with support around $58,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If the support level at $58,500 is not sustained, it is possible that the pair could experience further losses.
Bitcoin Price Remains Rangebound
The Bitcoin price has managed to maintain stability above the crucial support levels of $58,000 and $58,500. This stability has laid the foundation for a potential recovery, prompting the price to make a tentative push towards the $59,500 level. However, the bears have exerted their influence near the $61,200 mark, resulting in a decline.
Following this decline, the price retested the support level at $58,800, reaching a low of $58,717. As of now, the price is consolidating its losses and remains stuck near the 23.6% Fibonacci retracement level, calculated from the recent decline between the swing high of $61,143 and the low of $58,717.
Currently, the Bitcoin price is trading below $61,000, as well as the 100 hourly Simple Moving Average. On the hourly BTC/USD chart, there is also a connecting bullish trend line forming with support around $58,800.
If the price manages to break through the resistance level near $59,650, it could potentially face a hurdle around $60,200. This level represents the initial crucial resistance, coinciding with the 61.8% Fibonacci retracement level of the recent decline from the swing high of $61,143 to the low of $58,717.
A clear breakthrough above the $60,200 resistance level could signal a further upward move in subsequent trading sessions. The next key obstacle would then be the $61,200 resistance level. Should the price manage to close above this level, it could pave the way for further gains, potentially even testing the $62,500 resistance mark.
Anticipating Further Declines in Bitcoin?
If the Bitcoin price fails to ascend above the critical resistance zone at $60,200, it might experience another decline. The immediate support on the downside can be found around the $58,800 level and the aforementioned trend line.
The first major support level is situated at $58,500, with subsequent support at the $58,000 zone. In the event of further losses, the price could potentially fall towards the $56,500 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is currently indicating a decrease in bearish momentum.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has dipped below the 50 level.
Major Support Levels – $58,800, followed by $58,000.
Major Resistance Levels – $60,200 and $61,200.