Bitcoin Price Recovery Could Face Many Hurdles Near $60K, Here’s Why

Bitcoin value discovered help close to the $56,350 zone. BTC is recovering increased, however the bears is likely to be lively close to the $60,000 resistance zone.

• Bitcoin is making an attempt a restoration wave from the $56,350 help zone.
• The worth is buying and selling under $60,000 and the 100 hourly Easy shifting common.
• There was a break above a key bearish pattern line with resistance at $57,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might wrestle to clear the $60,000 and $60,500 resistance ranges.

Bitcoin Worth Faces Resistance

Bitcoin value prolonged losses under the $60,000 stage to enter a short-term bearish zone. BTC even traded under the $58,000 stage earlier than the bulls appeared close to the $56,350 stage.

A low was fashioned at $56,378 and the value began a good restoration wave. The worth climbed above the $58,000 resistance zone. There was a break above a key bearish pattern line with resistance at $57,800 on the hourly chart of the BTC/USD pair.

The worth climbed above the 23.6% Fib retracement stage of the downward wave from the $64,738 swing excessive to the $56,378 low. Bitcoin remains to be buying and selling under $60,000 and the 100 hourly Easy shifting common.

Rapid resistance is close to the $60,000 stage. The primary main resistance may very well be $60,500. It’s near the 50% Fib retracement stage of the downward wave from the $64,738 swing excessive to the $56,378 low. The subsequent key resistance may very well be $61,500.

Supply: BTCUSD on TradingView.com

A transparent transfer above the $61,500 resistance may ship the value increased. The subsequent resistance now sits at $63,400. If there’s a clear transfer above the $63,400 resistance zone, the value might proceed to maneuver up. Within the said case, the value might rise towards $65,000.

Rejection In BTC?

If Bitcoin fails to rise above the $60,500 resistance zone, it might begin one other decline. Rapid help on the draw back is close to the $58,500 stage.

The primary main help is $57,800. If there’s a shut under $57,800, the value might begin to drop towards $56,350. Any extra losses may ship the value towards the $55,000 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

Main Assist Ranges – $57,000, adopted by $56,500.

Main Resistance Ranges – $60,000, $60,500, and $61,500.

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