The price of Bitcoin has recently dipped below the $60,000 level, leading to a noticeable struggle for upward momentum. Currently, Bitcoin is trying to recover, but faces significant resistance around the $60,800 range. Despite this, attempts to regain ground above the $61,200 level have not been successful, and the cryptocurrency continues to trade below both $61,000 and the 100-hourly Simple Moving Average.
After Bitcoin was unable to initiate a fresh rally above $62,000, it experienced a downward shift, falling through crucial support levels at $61,500 and $60,500. The price hit a low of $58,888 during this decline before consolidating some losses. Although there has been a modest recovery above the $60,000 level, Bitcoin is still contending with a bearish trend that sees resistance forming at key levels.
Currently, the first notable resistance is situated near the $61,650 level, which also coincides with the 50% Fibonacci retracement level calculated from Bitcoin ’s high of $64,420 to the recent low of $58,888. If the price can clear this barrier, it would have the potential to push higher, possibly testing the $62,000 resistance. Should Bitcoin manage to close above this level, further gains could lead to attempts to reach the $63,200 and then the $64,000 resistance levels.
Conversely, if Bitcoin fails to breach the $60,800 level, it risks entering another downward trajectory. Immediate support is identified around $59,600, with further major support levels at $58,850 and $58,500. In the event of continued losses, the price could slide down to $57,200 in the near future. Technical indicators point to a stagnation in the current bearish momentum, indicating potential volatility ahead.
