Bitcoin Price Tests Support: Will It Bounce Back Stronger?

Source Newsbtc

Bitcoin price failed to clear the $61,500 resistance zone. BTC is now retesting the $58,000 support and might attempt a fresh increase.

  • Bitcoin started a fresh decline from the $61,500 resistance zone.
  • The price is trading below $60,000 and the 100 hourly Simple moving average.
  • There was a break below a key bullish trend line with support at $59,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might attempt a fresh increase if it stays above the $58,000 zone.

Bitcoin Price Holds Support

Bitcoin price failed to settle above the $61,500 resistance zone. BTC formed a short-term top and started a fresh decline below the $60,500 level. There was a move below the $60,000 and $59,000 levels.

Besides, there was a break below a key bullish trend line with support at $59,250 on the hourly chart of the BTC/USD pair. The pair retested the $58,000 support zone. A low is formed at $58,061 and the price is now consolidating losses.

Bitcoin price is now trading below $60,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $58,800 level. It is close to the 23.6% Fib retracement level of the downward move from the $61,438 swing high to the $58,061 low.

The first key resistance is near the $59,500 level or the 50% Fib retracement level of the downward move from the $61,438 swing high to the $58,061 low A clear move above the $59,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $60,000.

Bitcoin Price

The next major hurdle sits at $61,500. A close above the $61,500 resistance might spark more upsides. In the stated case, the price could rise and test the $63,500 resistance.

More Losses In BTC?

If Bitcoin fails to rise above the $58,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,000 level.

The first major support is $57,650. The next support is now near the $56,500 zone. Any more losses might send the price toward the $55,500 support zone or even $55,000 in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $58,000, followed by $57,650.

Major Resistance Levels – $58,800, and $59,500.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Silver Price Forecast: XAG/USD rallies to $38.40 favoured by a softer US Dollar Silver (XAG/USD) is rallying for the third consecutive day on Friday, with bulls testing July 15 highs of 38.40 at the time of writing.
Author  FXStreet
13 hours ago
Silver (XAG/USD) is rallying for the third consecutive day on Friday, with bulls testing July 15 highs of 38.40 at the time of writing.
placeholder
Cardano (ADA) Flashes Bullish Signal—Is the Rally Just Beginning?ADA is now consolidating and might attempt a clear move above the $0.8650 zone.
Author  NewsBTC
13 hours ago
ADA is now consolidating and might attempt a clear move above the $0.8650 zone.
placeholder
Asian stocks climbed following record highs with gains led by Taiwan and AustraliaOn Friday, Asian stocks rose after U.S. markets hit new highs, supported by positive economic data and mixed corporate results.
Author  Cryptopolitan
13 hours ago
On Friday, Asian stocks rose after U.S. markets hit new highs, supported by positive economic data and mixed corporate results.
placeholder
AUD/USD advances further beyond 0.6500 amid notable USD weaknessThe AUD/USD pair is building on the previous day's bounce from the vicinity of mid-0.6400s, or a three-and-a-half-week trough, and gaining strong follow-through positive traction on Friday.
Author  FXStreet
14 hours ago
The AUD/USD pair is building on the previous day's bounce from the vicinity of mid-0.6400s, or a three-and-a-half-week trough, and gaining strong follow-through positive traction on Friday.
placeholder
Pound Sterling set for third straight week of losses amid growing UK labor market concernsThe Pound Sterling (GBP) remains near an over two-month low around 1.3375 during the European trading session on Friday.
Author  FXStreet
14 hours ago
The Pound Sterling (GBP) remains near an over two-month low around 1.3375 during the European trading session on Friday.
goTop
quote