Bitcoin

Resistance

<a href="https://bitcoinworld.co.in/bitcoin-btc-price-takes-a-5-hit-can-bulls-save-the-week/" title="Bitcoin (BTC) Price Takes a 5% Hit: Can Bulls Save The Week?" rel="nofollow"></a>
<ul> 
 <li style="font-weight: 400">Bitcoin (BTC) price started another <a href="https://bitcoinworld.co.in/buy-the-dip-mentions-on-social-platforms-surge-as-bitcoin-stumbles/">decline</a> and tumbled 5% to test $58,000. Bitcoin <a href="https://coinstats.app/coins/bitcoin/">price </a>failed to start a fresh increase above the $62,850 resistance zone.&nbsp;</li> 
 <li style="font-weight: 400">There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li style="font-weight: 400">The pair might struggle to start a fresh increase above the $60,850 resistance zone.</li> 
</ul> 
<h3 id="span-style-font-weight-400-bitcoin-price-dives-5-span">Bitcoin Price Dives 5%</h3> 
Bitcoin price struggled to start a decent recovery wave above the $62,850 resistance level. The bears took control and pushed BTC below the $61,200 support zone. There was a sharp decline below the $60,000 level. 
The price declined 5% and even spiked below the $58,000 level. A low was formed at $57,890 and the price is now consolidating losses.&nbsp; 
There was a minor increase above the $58,500 level and approaching the 23.6% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low. 
Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair. 
If there is a decent increase, the price could face resistance near the $60,000 level and the trend line. The first key resistance is near the $60,850 level and the 50% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low. 
The next key resistance could be $61,500. A clear move above the $61,500 resistance might start a steady increase and send the price higher.&nbsp; 
<figure id="attachment_76102" aria-describedby="caption-attachment-76102" style="width: 100%" class="wp-caption aligncenter">
 <img fetchpriority="high" decoding="async" class=" wp-image-76102" src="http://bitcoinworld.co.in/wp-content/uploads/Bitcoin-Price-Chart-18-483x300.png" alt="" width="617" height="383" srcset="https://bitcoinworld.co.in/wp-content/uploads/Bitcoin-Price-Chart-18-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/Bitcoin-Price-Chart-18.png 760w" sizes="(max-width: 617px) 100vw, 617px">
 <figcaption id="caption-attachment-76102" class="wp-caption-text">
 Bitcoin Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
In the stated case, the price could rise and test the $62,250 resistance. Any more gains might send BTC toward the $63,500 resistance in the near term. 
<h3 id="span-style-font-weight-400-more-losses-in-btc-span">More Losses In BTC?</h3> 
If Bitcoin fails to climb above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,250 level. 
The first major support is $58,000. The next support is now forming near $57,800. Any more losses might send the price toward the $56,500 support zone in the near term. 
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators:</h3> 
<ul> 
 <li style="font-weight: 400">Hourly MACD – The MACD is now gaining pace in the bearish zone.</li> 
 <li style="font-weight: 400">Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.</li> 
 <li style="font-weight: 400">Major Support Levels – $58,250, followed by $58,000.</li> 
 <li style="font-weight: 400">Major Resistance Levels – $59,250, and $60,000.</li> 
</ul>

Bitcoin (BTC) Price Takes a 5% Hit: Can Bulls Save The Week?

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