Bitcoin Price Retains Support: Is a Bounce Back on the Horizon?

Bitcoin price lingered stable overhanging the $58,500 stabilize zone. BTC is struggling as well as can only overture a stable accumulation if it annihilates $61,500.

• Bitcoin is struggling to accumulation overhanging the $60,200 as well as $61,500 resistance levels.
• The price is trading below $61,000 as well as the 100 hourly Straightforward relocating median.
• There is a tying bullish fad queue forming via stabilize at $58,800 on the hourly chart of the BTC/USD pair (files feed from Kraken).
• The pair can protract losses if it falls short to stay overhanging the $58,500 stabilize.

Bitcoin Price Stuck In A Hodgepodge

Bitcoin price lingered stable overhanging the $58,000 as well as $58,500 stabilize levels. A underpinning was put up, as well as the price risked a recovery wave overhanging the $59,500 level. But, the bears were vivid foreseeable the $61,200 level.

There was a fresh disallow, as well as the price retested the $58,800 stabilize. A low was put up at $58,717 as well as the price is presently completing losses. It is stuck foreseeable the 23.6% Fib retracement level of the recent disallow from the $61,143 swing high to the $58,717 low.

Bitcoin is presently trading below $61,000 as well as the 100 hourly Straightforward relocating median. There is also a tying bullish fad queue forming via stabilize at $58,800 on the hourly chart of the BTC/USD pair.

On the upside, the price can face resistance foreseeable the $59,650 level. The first fulcra resistance is foreseeable the $60,200 level. It is foreseeable the 61.8% Fib retracement level of the recent disallow from the $61,143 swing high to the $58,717 low.

A readable slide overhanging the $60,200 resistance can send the price even more better in the devised for sessions. The next fulcra resistance can be $61,200. A close overhanging the $61,200 resistance can mix upwards more boni. In the annunciated instance, the price can accumulation as well as appointment the $62,500 resistance.

A ton more Drawbacks In BTC?

If Bitcoin falls short to accumulation overhanging the $60,200 resistance zone, it can overture an additional disallow. Rile stabilize on the derogatory element is foreseeable the $58,800 level as well as the fad queue.

The first bulky stabilize is $58,500. The next stabilize is presently foreseeable the $58,000 zone. Any kind of more losses can send the price toward the $56,500 stabilize in the foreseeable term.

Technical signs:

Hourly MACD – The MACD is presently throwing away rate in the bearish zone.

Hourly RSI (Loved one Efficiencies Index) – The RSI for BTC/USD is presently below the 50 level.

Heavy-handed Maintain Levels – $58,800, obeyed by $58,000.

Heavy-handed Resistance Levels – $60,200, as well as $61,200.