Bitcoin price stayed above the $57,650 support zone. BTC is now rising and might aim for a move above the $60,000 resistance zone.
- Bitcoin started a recovery wave above the $58,500 resistance zone.
- The price is trading below $60,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might attempt a fresh increase if it settles above the $60,000 resistance zone.
Bitcoin Price Eyes Another Increase
Bitcoin price started a downside correction below the $60,000 level. BTC declined below the $59,500 and $58,000 levels to move into a short-term bearish zone. A low was formed at $57,690 and the price recently started a recovery wave.
There was a move above the $58,000 and $58,500 levels. The price climbed above the 50% Fib retracement level of the downward move from the $61,800 swing high to the $57,690 swing low.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 $60,000 level. There is also a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $60,250 level. It is close to the 61.8% Fib retracement level of the downward move from the $61,800 swing high to the $57,690 swing low. A clear move above the $60,250 resistance might send the price further higher in the coming sessions. The next key resistance could be $61,200.
