.What Levels Will Bitcoin Watch This Week? Bitcoin price is currently facing resistance near $ 58,250 and $ 58,500 against the US Dollar. BTC may drop in the short term, but the bulls are likely to remain active around $ 57,000.
Bitcoin recovered above $ 57,500, but is facing resistance near $ 58,250.
The price is still trading well below $ 58,500 and the 100 hourly simple moving average.
The hourly chart of the BTC / USD pair includes a key bearish trend line with resistance near $ 58,600.
The pair may drop again, but the bulls are likely to remain active around $ 57,000.
Bitcoin Price Faces Obstacles
Bitcoin continued to bid above the $ 56,500 support zone. As a result, BTC started a new rise above the $ 57,000 and $ 57,250 resistance levels.
The price pushed the 23.6% Fib retracement level of the last decline from $ 59,872 to $ 56,488. However, the price appears to be facing strong resistance near the $ 58,250 and $ 58,500 levels.
It is currently trading well below $ 58,500 and the 100 hourly simple moving average. Instant resistance is near the $ 58,180 level.
Major resistance forms near the $ 58,500 level (multi-contact zone). There is also a key bearish trend line with resistance near $ 58,600 on the hourly chart of the BTC / USD pair.
If there is an upside break above the $ 58,250 and $ 58,500 resistance levels, there is a chance for a steady increase. In the stated situation, the Bitcoin price is likely to rise towards the $ 60,000 and $ 60,500 levels.
Are the decreases limited in BTC?
If Bitcoin fails above $ 58,250 and $ 58,500, there could be a downside correction. The first major support on the downside is near the $ 57,500 level.
The next major support is near the $ 57,150 level, below which the price could drop towards the main $ 56,500 support zone. If there is a downside break below the $ 56,500 support level, the bulls will likely lose control. In this case, the bears will likely target a $ 55,000 level test.
Technical indicators
Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently below the 50 level.
Major Support Levels – $ 57,000 followed by $ 56,500.
Major Resistance Levels – $ 58,180, $ 58,250 and $ 58,500.
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