Bitcoin price started a downside correction below the $60,000 level. BTC declined below the $59,500 and $58,000 levels to move into a short-term bearish zone.
Bitcoin price showed signs of recovery after a decline below the $60,000 level. BTC is now rising and might aim for a move above the $60,000 resistance zone. However, if the price fails to rise above the stated resistance, another decline could be on the cards.
Bitcoin Price Chart - BTC Eyes More Upsides
Bitcoin price initiated a downside correction from the recent swing high at $64,200. BTC declined below the $60,000 and $59,500 levels to enter a short-term bearish zone.
A low was formed at $57,690, and the price recently started a recovery wave. There was a move above the $58,000 and $58,500 levels. The price climbed above the 50% Fib retracement level of the downward move from the $61,800 swing high to the $57,690 swing low.
Bitcoin price is now trading below $60,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $60,000 level. There is also a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $60,250 level. It is close to the 61.8% Fib retracement level of the downward move from the $61,800 swing high to the $57,690 swing low. A clear move above the $60,250 resistance might send the price further higher in the coming sessions. The next key resistance could be $61,200.
The next major hurdle sits at $62,500. A close above the $62,500 resistance might spark more upsides. In the stated case, the price could rise and test the $64,200 resistance.
Another Decline In BTC?
If Bitcoin fails to rise above the $60,000 resistance zone, it could start another decline. Immediate support on the downside is near the $58,800 level.
The first major support is $57,650. The next support is now forming in the $57,000 zone. Any further losses might send the price toward the $55,500 support zone or even $55,000 in the near term.
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