Bitcoin price started a recovery wave from the $55,600 zone. BTC is now struggling to clear the $58,500 resistance and might decline again.
- Bitcoin is struggling to recover above the $58,500 zone.
- The price is trading below $58,200 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $57,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to recover above the $58,500 or $58,750 resistance levels in the near term.
Bitcoin Price Faces Hurdles
Bitcoin price extended losses below the $57,200 support level. BTC even traded below the $57,000 support. A low was formed at $55,591 and the price recently started a recovery wave.
There was a move above the $56,500 and $57,000 resistance levels. It cleared the 50% Fib retracement level of the downward move from the $59,772 swing high to the $55,591 low. The price even cleared the $58,000 level but faced sellers near $58,500.Bitcoin is now trading below $58,200 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $57,250 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $58,500 level. The first key resistance is near the $58,750 level or the 76.4% Fib retracement level of the downward move from the $59,772 swing high to the $55,591 low. A clear move above the $58,750 resistance might send the price further higher in the coming sessions.
