Bitcoin (BTC) Price Struggles to Clear the $59,500 Level, At Risk of More Downsides

Bitcoin price extended its recovery wave above the $57,500 level. BTC even climbed above the $58,500 level. However, the bears are active near the $59,500 resistance zone.

Bitcoin price failed to clear the $59,500 level and started a fresh decline. BTC is now at risk of more downsides toward the $56,000 level.

Bitcoin Price Attempts A Recovery

Bitcoin price recovered well from the $54,955 swing low and surged past the $57,500 level. BTC even climbed above the $58,500 level. However, the bears stepped in and limited further gains near the $59,500 resistance zone.

A high was formed at $59,474, after which the price started a correction, as gains were capped by the 50 Fib retracement level of the upward move from the $54,955 swing low to the $59,474 high. The price also slipped below a key bullish trend line with support at $57,900 on the hourly chart of the BTC/USD pair.

On the downside, the bulls are likely to defend Bitcoin price above the $57,200 level. The coin is now trading above $57,200 and the 100 hourly simple moving average. Immediate resistance on the upside is near the $58,400 level.

The first key resistance is at $58,800, and a clear move above it could lead to a decent increase in the coming sessions. The next key resistance is at $59,500, followed by $60,000, which is a major resistance. A close above the $60,000 resistance could spark a sustained rally and send the price to higher levels. In this case, the price could rise and attempt to test the $62,500 resistance.

Fresh Decline In BTC?

If Bitcoin fails to climb above the $58,400 resistance zone, it could begin another decline. Immediate support on the downside is at $57,200, followed by the 76.4 Fib retracement level of the upward move from the $54,955 swing low to the $59,474 high, which is around $56,000. The next support is now at $55,000, and any further losses could lead the price to the $53,500 support zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $57,200, $56,000

Major Resistance Levels – $58,400, $59,500

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