Bitcoin price remained stable above the $58,500 support zone. BTC is struggling and could only start a steady increase if it clears $61,500.
- Bitcoin is struggling to rise above the $60,200 and $61,500 resistance levels.
- The price is trading below $61,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $58,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might extend losses if it fails to stay above the $58,500 support.
Bitcoin Price Stuck In A Range
Bitcoin price remained stable above the $58,000 and $58,500 support levels. A base was formed, and the price attempted a recovery wave above the $59,500 level. However, the bears were active near the $61,200 level.
There was a fresh decline, and the price retested the $58,800 support. A low was formed at $58,717 and the price is now consolidating losses. It is stuck near the 23.6% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low.Bitcoin is now trading below $61,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $58,800 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $59,650 level. The first key resistance is near the $60,200 level. It is near the 61.8% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low.
