Bitcoin price started a recovery wave from the $57,200 zone. BTC is rising, but it might struggle to surpass the $60,200 and $61,150 resistance levels.
- Bitcoin is attempting a recovery wave above the $58,000 support zone.
- The price is trading above $58,000 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance at $58,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could face heavy resistance at $60,200 or $61,150 in the near term.
Bitcoin Price Starts Recovery
Bitcoin price extended losses below the $58,500 support levels. BTC even spiked below $57,200. A low was formed at $57,124 and the price recently started a recovery wave.
There was a move above the $58,000 and $58,200 resistance levels. It cleared the 50% Fib retracement level of the downward move from the $61,143 swing high to the $57,124 low. There was also a break above a connecting bearish trend line with resistance at $58,350 on the hourly chart of the BTC/USD pair.Bitcoin is now trading above $58,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $60,200 level or the 76.4% Fib retracement level of the downward move from the $61,143 swing high to the $57,124 low.
