Bitcoin price extended its decline and traded below the $52,500 support area. BTC even declined below the $51,100 and $50,000 levels. A low was formed near $49,111 and the price recently started a recovery wave.
It recovered above $52,500 and tested the 50% Fibonacci retracement level of the down move from the $61,040 high to $49,111 low. There was a break above the resistance of a connecting bearish trend line at $55,100 on the hourly chart of the BTC/USD pair.
Bitcoin price remains below $58,000 and the 100 hourly simple moving average. On the upside, the price is likely to face resistance near the $56,500 level. This level is close to the 61.8% Fibonacci retracement level of the down move from the $61,040 high to $49,111 low.
The first key resistance level is near $58,250. A clear break above the $58,250 resistance level could drive the price further up in the coming sessions. The next key resistance level could be $58,800.
Bitcoin Price
The next major hurdle is $60,000. A close above the $60,000 resistance level could spark a bullish move. In such a case, the price could rise and test the $62,000 resistance level.
If Bitcoin fails to break the $58,000 resistance level, it could decline again. An immediate support on the downside is near $55,000.
The first major support level is $53,500. The next support level is currently near $52,000. If the price declines further, it could drop to the $50,000 support level in the near term.
Technical Indicators:
Hourly MACD – The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support level – $55,000, followed by $53,500.
Major resistance levels – $56,500 and $58,000.
