Bitcoin is currently stabilizing above the critical support level of $60,000. The price has encountered a temporary setback, trading beneath the $61,500 level and the 100-hour simple moving average. Resistance is forming at $61,550, indicated by a significant bearish trend line on the hourly chart for the BTC/USD pairing. Should Bitcoin maintain its position above the $60,000 level, there is potential for renewed upward movement.
Recently, Bitcoin experienced a decline from its peak at $62,350, breaking through both the $62,000 and $61,500 support levels. This drop has pushed the cryptocurrency into a short-term bearish trajectory, with the price even dipping below $60,500. A low was established at $60,000, where Bitcoin is currently attempting to consolidate its losses. There was a slight recovery to just over $60,500, which has now crossed above the 23.6% Fibonacci retracement level from the previous decline.
As the cryptocurrency trades below $61,500 and the aforementioned moving average, any upward momentum may encounter hurdles, particularly around the $61,250 resistance level and subsequently at $61,500. The presence of the bearish trend line near this area further complicates potential upward movements, with the 61.8% Fibonacci retracement level also adding to the resistance. A successful breach of $61,500 could see Bitcoin challenge the next key resistance at $62,500.
Conversely, if Bitcoin cannot surpass the $61,500 resistance, it may continue to experience downward pressure. Immediate support lies around $60,500, followed by the major support level at $60,000. Should further declines occur, Bitcoin could test the $59,200 support level, with a risk of dropping to $58,500 in the near term.
Technical indicators point to a weakening bearish momentum, as the MACD reflects a slowdown and the RSI is currently situated below the pivotal 50 level. Major support levels are established at $60,500 and $60,000, while resistance is focused at $61,500 and $62,500.
