As a researcher with experience in cryptocurrency markets, I’ve observed Bitcoin’s recent price action and have formed an opinion based on the current trend.
The price of Bitcoin bounced back at around $56,350. As it recovers, there’s a possibility that sellers may reappear close to the $60,000 mark.
- Bitcoin is attempting a recovery wave from the $56,350 support zone.
The price is trading below $60,000 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $57,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could struggle to clear the $60,000 and $60,500 resistance levels.
Bitcoin Price Faces Resistance
The price of Bitcoin dipped below the $60,000 mark, pushing it into a temporary downturn. In fact, Bitcoin fell beneath $58,000 before the buying force resurfaced around $56,350.
At a price of $56,378, a low point was reached and the market began to bounce back. The price surpassed the $58,000 resistance barrier. A significant breakthrough occurred as the price moved above the bearish trend line with a resistance level of $57,800 on the hourly chart for BTC/USD pair.
As a crypto investor, I’ve noticed that Bitcoin’s price has surpassed the 23.6% Fibonacci retracement level in my charts. This level is calculated from the downward wave between the swing high of $64,738 and the low of $56,378. However, even with this uptick, Bitcoin remains below the $60,000 mark and the 100-hour Simple Moving Average (SMA) on my trading platform.
Near the $60,000 mark, there’s strong opposition. The initial obstacle might be at $60,500, which is not far from the 50% Fibonacci retracement level of the price drop from $64,738 peak to $56,378 low. Following this, a significant resistance could emerge around $61,500.
Should the price break through the $61,500 barrier with conviction, it may surge ahead towards $63,400. Overcoming this resistance level could pave the way for further upward momentum, potentially propelling the price towards $65,000.
Rejection In BTC?
Should Bitcoin be unable to surpass the $60,500 resistance point, there’s a possibility of another price drop. The nearest support lies around $58,500.
As an analyst, I’d interpret the market scenario this way: My first key resistance level sits at $57,800. Should the price breach this threshold, it could potentially lead to a downward trend towards $56,350. If further losses occur, we might see the price testing the support zone around $55,000 in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $57,000, followed by $56,500.
Major Resistance Levels – $60,000, $60,500, and $61,500.
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2024-05-03 06:05