Bitcoin (BTC) Price Faces Hurdles Near $58K, Must Clear $58.5K and $60K to Start a Recovery Wave

Bitcoin price attempted a recovery wave above the $56,500 level. BTC even climbed above the $57,500 level. However, it failed to continue higher above the $58,200 zone.

Bitcoin price attempted a recovery wave from the $54,954 support zone. BTC climbed above the $56,500, $57,000 and $57,500 levels. However, the price failed to continue higher and started a fresh decline.

There was a drop below the $57,000, $56,500 and $56,000 levels. A low was formed near $55,444 and the price is now consolidating losses.

Bitcoin Price Chart - BTC Failed to Continue Recovery Above $58,200

Bitcoin price attempted a recovery wave from the $54,954 support zone. BTC climbed above the $56,500, $57,000 and $57,500 levels. However, the price failed to continue higher and started a fresh decline.

There was a drop below the $57,000, $56,500 and $56,000 levels. A low was formed near $55,444 and the price is now consolidating losses.

The main support on the downside is now near the $55,500 level. It seems like there is a short-term ascending channel forming on the hourly chart of the BTC/USD pair (data feed from Kraken).

The channel resistance is near the $57,250 level or the 76.4% Fib retracement level of the downward move from the $58,129 swing high to the $54,954 low.

Immediate resistance on the upside is also around the 100 hourly Simple Moving Average. A clear move above the channel resistance might send the price toward the $58,200 level.

The next key resistance could be $58,500. A close above the $58,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $60,000 resistance.

Bitcoin Price Technical Analysis: Another Decline In BTC?

If Bitcoin fails to climb above the $57,250 resistance zone, it could start another decline. Immediate support on the downside is near the $56,000 level.

The first major support is $55,500. The next support is now near $54,500. Any more losses might send the price toward the $5,200 support zone in the near term.

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 – $55,500, followed by $54,500.

Major Resistance Levels – $57,250, and $58,500.

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