Bitcoin Price Bounces Back, But Can It Sustain Above $60K?

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Bitcoin price started rising again above the $58,500 resistance level. Bitcoin price returned above the $60,000 level and is struggling again to continue rising.

  • Bitcoin is correcting gains from the $61,200 resistance area.
  • The price is trading above the $59,500 level and the 100-hour simple moving average.
  • There is a connected bearish trend line forming with resistance at $60,500 on the hourly chart of BTC/USD (data from Kraken).
  • The pair may rise again if it stays above the $59,400 support area.

Bitcoin price reclaims $60K

Bitcoin price remained supported above $57,500. Bitcoin formed a base and started another rally above the $58,500 resistance area. There was a clear move above $60,000.

The price tested the resistance area at $61,200. A top was formed at $61,300 and the price is now correcting its gains. There was a move below the $60,500 level. The price fell below the 23.6% Fib retracement level of the upward move from the $57,488 swing low to $61,300 swing high.

Bitcoin is now trading above the $59,500 level and the 100-hour simple moving average. On the upside, the price could face resistance near the $60,500 level. A connected bearish trend line is forming with resistance at the $60,500 level on the hourly chart of the BTC/USD pair.

source: BTCUSD on TradingView.com

The first major resistance is near the $60,650 level. A clear move above the $60,650 resistance level could start a steady rise in the upcoming sessions. The next major resistance could be $61,200. A close above the $61,200 resistance level could lead to further gains. In the mentioned case, the price could rally and test the $62,500 resistance level.

Are there more negatives to BTC?

If Bitcoin fails to rise above the resistance area at $60,500, it may continue to decline. Immediate support on the downside is near the $60,000 level.

The first major support is at $59,750. The next support is now near the $59,400 area and the 100-hour simple moving average or 50% Fib retracement level of the upward move from the $57,488 swing low to $61,300 high. Any further losses could push the price towards the $58,450 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing momentum in the bullish zone.

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

Key support levels – $60,000, followed by $59,400.

Key resistance levels – $60,500, $61,200.

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