Bitcoin (BTC) Price Struggles to Clear $58.5K Resistance, Another Dip Possible

Bitcoin price extended losses below the $57,200 support level. BTC even traded below the $57,000 support. A low was formed at $55,591 and the price recently started a recovery wave.

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Bitcoin price began a wave of recovery from the $55,600 area. Now, BTC is struggling to overcome the $58,500 resistance and could decline again.

Bitcoin price faces obstacles

Bitcoin price extended its losses below the $57,200 support level. Even BTC traded below the $57,000 support. A low was formed at $55.591 and recently the price started a recovery wave.

There was a move above the $56,500 and $57,000 resistance levels. It surpassed the 50% Fib retracement level of the downward move from the swing high $59.772 to the swing low $55.591. Even the price surpassed the $58,000 level, but faced sellers near $58,500.

Now, Bitcoin is trading below $58,200 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $57,250 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $58,500 level. The first key resistance is near the $58,750 level or the 76.4% Fib retracement level of the downward move from the swing high $59,772 to the swing low $55,591. A clear move above the $58,750 resistance could push the price higher in the coming sessions.

The next key resistance could be $59,500. A close above the $59,500 resistance could lead to further upside. In the indicated case, the price could rise and test the resistance of $60,000.

Another drop in BTC?

If Bitcoin fails to overcome the $58,500 resistance zone, another drop could begin. Immediate downside support is near the $57,250 level and the trend line.

The first major support is $56,850. Now, the next support is near the $56,200 area. Any further losses could push the price towards the $55,500 support in the near term.

Technical indicators:

MACD Hourly: MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now close to the 50 level.

Main support levels: $57,250, followed by $56,850.

Main resistance levels: $58,500 and $58,750.

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