Bitcoin price finally managed to pivot upward by reaching $55,630. With an uptrend, it crawled all the way up to $59,000 but yet again failed to surpass this level. Currently, BTC is having a price correction. As long as BTC is below $61,100, there could be further decline. Here is a summary of Bitcoin price in the past 24 hours:
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- BTC surpassed the $56,800 and $58,000 resistance levels.
- Currently, the price is below $59,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see an uptrend with support level at $58,400.
- As long as BTC remains below $61,100, there could be further decline.
Bitcoin Price Action Analysis
BTC dipped below the $59,200, $58,200 and $56,800 in a decline. At some point, the price went below $56,400 and the lowest recorded price is at $55,630. The support level didn’t allow for further decline and the buyers provided support. By surpassing the resistance level at $56,550 a new uptrend started. Following that, the $57,000, $57,500 and $58,000 resistance levels failed to hold BTC down. The price momentarily went beyond $58,200 and the highest recorded price is at $59,019.
Right now, the price is still below $59,000 and the 1-hour candles are below the SMA100. For the 1-hour chart we can see a new uptrend with support at $58,400. BTC is currently hovering near the uptrend and the 23.6% Fibonacci retracement level from the latest rise from $55,629 to $59,019.
If Bitcoin manages to stabilize above the support level, the uptrend will continue. With that, the $59,000 is the first resistance level to consider. By surpassing this level, the next one will be $59,200 followed by $59,800 and $60,000. Going above these levels can pave the way for further growth in short-term. In that case, the next stops will be at $60,750 and $61,100. In case BTC breaks through the $61,100, the uptrend can gain strong momentum.
On the other hand, if BTC fails to surpass the $59,000 or lose the $58,400 support, it could start a new downtrend. For that scenario, the first support level is at the $58,400 to $58,200 range. This level is near the 23.6% Fibonacci retracement level. By dipping below this level, the $57,700 and $57,300 will support the price next. The $57,300 is near the 50% Fibonacci retracement level. Further decline can bring the price closer to the $56,800 and $56,500. Following that, the $56,000 and $55,650 will be the next ones down the line.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently at 57.
Resistance levels: Right now, the $59,000 and $59,800 and $61,100 are crucial levels for BTC to surpass.
Support levels: The $58,400 and $58,200 are currently the crucial support levels for the price.
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