Bitcoin (BTC) Price Holds Gains, Consolidate Above $60,000
- WBOYOriginal
- 2024-08-22 18:25:17412browse
Bitcoin price remained stable above the $58,500 pivot level. BTC formed a base and started a steady increase above the $60,000 resistance zone.
Bitcoin price remained above the $58,500 pivot level with a strong base and began a slow rise above the $60,000 resistance zone. After forming a base, BTC price climbed above the $60,200 and $60,500 resistance levels. Moreover, the bulls managed to push the price above the 23.6% Fib retracement level of the downward move from the $61,800 swing high to the $59,805 low.
With the current bullish price action, the bulls could aim for more gains above the $60,800 resistance zone. Bitcoin now trades above $60,200 and the 100 hourly Simple moving average (SMA). The price is also consolidating near the 50% Fib retracement level of the downward move from the $61,800 swing high to the $59,805 low.
On the upside, the price could face resistance near the $60,800 level. The first key resistance is now forming at the $61,800 level. A clear move above the $61,800 resistance might set the price for further gains in the coming sessions. The next key resistance could be $62,000.
A close above the $62,000 resistance might spark more upsides. In the stated case, the price could rise and test the $63,500 resistance.
Another Decline In BTC?
If Bitcoin fails to rise above the $61,800 resistance zone, it could start a downside correction. Immediate support on the downside is forming near the $60,200 level.
The first major support is at $59,800, followed by support near the $58,500 zone. Any further losses could send the price toward the $58,000 support zone or even $57,500 in the near term.
Technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $60,200, followed by $59,800.
Major Resistance Levels – $60,800, and $61,800.
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