Bitcoin’s price started a decline from the $60,000 resistance zone and is now moving lower towards the $57,650 support level. The hourly MACD is gaining momentum in the bearish zone, indicating a potential further decrease in price. Additionally, the hourly RSI for BTC/USD is currently below the 50 level, signaling a bearish market sentiment.
Bitcoin faced challenges settling above the $60,000 resistance level, forming a top near $60,200 before embarking on a downward trend. The price dropped below the $58,500 support zone and descended below the 23.6% Fib retracement level. Furthermore, a key bullish trend line with support at $59,700 was broken on the hourly chart of the BTC/USD pair, contributing to the downward movement. Bitcoin is currently trading below $59,000 and the 100 hourly Simple Moving Average.
The price could face resistance around the $58,800 level, with the first key resistance at $59,500. A move above the $59,500 resistance could push the price higher towards $60,000. On the contrary, failure to surpass the $58,800 resistance zone might lead to further downside movement. Immediate support is expected near $58,000, followed by a major support level at $57,650. Subsequent support is around the $57,000 zone, with potential for the price to reach $55,500 or even $55,000 in the near term if losses continue.
Bitcoin’s price trajectory appears bearish as it struggles to overcome key resistance levels and faces challenges in maintaining upward momentum. Traders and investors should closely monitor the support and resistance levels mentioned to gauge potential price movements. The cryptocurrency market remains volatile, and caution is advised when making trading decisions amidst the current downward trend.