Bitcoin ’s price has embarked on an upward recovery after recently dropping below the $58,500 support level, with fluctuations pushing it down to as low as $57,124. Currently, Bitcoin is trading above the $58,000 mark, having successfully broken through the $58,200 resistance and a bearish trend line at $58,350 on its hourly chart. This recovery is accompanied by its position above the 100-hourly Simple Moving Average.
Despite this rebound, Bitcoin faces significant resistance levels that may affect its trajectory. The immediate hurdles lie at $60,200 and $61,150. Should Bitcoin manage to break through these levels, particularly $61,150, the price could gain momentum leading to a potential rise towards $62,000. Sustaining above this mark could open the door for further increases, possibly testing the landmark $65,000 resistance.
On the flip side, if Bitcoin ’s upward movement stalls at the $60,200 level, it risks entering another downward phase. The immediate support to watch is near the $58,750 level, followed by stronger support at $58,500. If prices continue to decline, the next critical support is positioned at around $57,200, with further potential losses bringing the price closer to $56,200.
Current technical indicators reflect a strengthening bullish momentum in the market. The MACD has shown gains in the bullish zone, while the Relative Strength Index (RSI) stands above the neutral 50, suggesting that bullish sentiments are gaining traction among traders. Overall, Bitcoin ’s next movements will largely depend on its ability to overcome the listed resistance levels while maintaining support against potential downturns.
