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Bitcoin Price Stabilizes After Losses: Can Bulls Overcome Resistance for a Recovery?

Bitcoin’s price is currently stabilizing after experiencing losses. In order to initiate a recovery wave, BTC needs to settle above the $58,500 mark and then surpass $60,000. The cryptocurrency recently dipped and retested the support zone at $54,500. Currently, it is trading below both $58,500 and the 100 hourly Simple Moving Average. There is a bearish trend line forming, with resistance at $57,650 on the BTC/USD pair’s hourly chart. Overcoming this resistance may prove challenging for the cryptocurrency and its bulls.

Bitcoin’s value attempted a recovery above $56,500, briefly surpassing $57,500. However, it failed to advance further beyond the $58,200 zone. As a result, there was a downward trend that led to Bitcoin’s price dropping below $57,000 and $55,500. The lowest point was reached at $54,954 before the price began consolidating its losses. Although there was a minor increase above the 50% Fibonacci retracement level, Bitcoin continues to trade below $57,500 and the 100 hourly Simple Moving Average.

Immediate resistance lies near the $57,250 level or the 76.4% Fibonacci retracement level. The key resistance point is at the $57,650 level, which is also where the connecting bearish trend line forms. A clear breakthrough above the trend line could propel the price towards $58,200, followed by $58,500. Surpassing this resistance may trigger a steady increase, potentially testing the $60,000 resistance level.

Should Bitcoin fail to rise above the $57,650 resistance zone, it might instigate another decline. Immediate support is anticipated near the $56,000 level, while the first major support sits at $55,500. Subsequently, the next support level would be approximately $54,500. Further losses could potentially drive the price towards the $52,000 support zone in the near future.

As for technical indicators, the hourly MACD is currently losing momentum in the bearish region. On the other hand, the hourly RSI (Relative Strength Index) for BTC/USD is now above the 50 level. Major support levels are identified at $55,500 and $54,500, while major resistance levels are located at $57,650 and $58,500.