Bitcoin (BTC) Price Analysis & Prediction: BTC Initiates Recovery Wave Targeting $60K Despite Resistance at $58K

Bitcoin (BTC) has initiated a recovery wave following a significant crash below the $50000 mark. Currently, BTC has managed to climb back above $55000

After crashing below the $50,000 mark on Friday, Bitcoin has begun a recovery wave. Currently, BTC has managed to climb back above $55,000, though it encounters considerable resistance around the $58,000 level.

Having plummeted to a low near $49,111, Bitcoin managed to rebound past the $52,500 support level, even briefly surpassing $55,000. On the hourly BTC/USD chart, we can observe that this price action has broken through a bearish trend line with resistance around $55,100. Despite this recovery, Bitcoin still trades below $58,000 and the 100-hour Simple Moving Average.

Moving upwards, Bitcoin could face its first line of resistance around $56,500, which aligns closely with the 61.8% Fibonacci retracement level from its descent from a $61,040 high to the $49,111 low. Continuing on, the critical resistance at $58,250 could determine the next moves. Should the price clear this, it might trigger further gains, eyeing the next significant resistance at $58,800 and possibly even targeting $60,000.

However, failure to break above the $58,000 resistance zone could lead to another downward trajectory for BTC. Immediate support seems to be around $55,000, while the next major support levels are situated at $53,500 and then $52,000. Any further declines could see Bitcoin revisiting the $50,000 support zone in the near term.

Technical indicators are suggesting a bullish momentum. On the hourly chart, the MACD is indicating bullish momentum, and the RSI for BTC/USD has moved above the 50 level. Key support levels are identified at $55,000 and $53,500, while major resistance levels hover at $56,500 and $58,000.

The above is the detailed content of Bitcoin (BTC) Price Analysis & Prediction: BTC Initiates Recovery Wave Targeting $60K Despite Resistance at $58K. For more information, please follow other related articles on the PHP Chinese website!