Bitcoin Price Limits Upside: Are Gains Losing Momentum?

Bitcoin price has started a downward correction from the $62,700 resistance zone. BTC is currently consolidating near $58,500 and is struggling to recover.

Bitcoin has begun a clear downward move below the $61,500 and $60,000 levels.
The price is trading below $60,000 and the 100-hour straightforward moving average.
On the hourly chart of the BTC/USD pair (data from Kraken), there was a breakout of the key uptrend line with support at USD 61,000.
The pair may decline further if it stays below the support zone at USD 58,500.

Bitcoin price maintains support

Bitcoin price began a downward correction after failing to hold the $62,500 level. BTC fell below the $61,500 and $60,000 levels, entering a short-term bearish zone.

On the hourly chart of the BTC/USD pair, there was a breakout of a key bullish trendline with support at $61,000. The pair even fell below the 50% Fibonacci retracement level of the uptrend from the swing low of $54,556 to the high of $62,700.

Bitcoin price is currently trading below $60,000 and the 100-hour straightforward moving average. Bulls are guarding the $58,500 support zone. Price is stable above the 61.8% Fibonacci retracement level of the upside move from the $54,556 swing low to the $62,700 high.

On the other hand, the price may encounter resistance near the $59,500 level. The first key resistance is near the $60,000 level. A clear move above the $60,000 resistance may trigger further price growth in the coming sessions. The next key resistance may be $61,200.

The next major obstacle is $62,500. A close above the $62,500 resistance could trigger a bullish move. In this case, the price could rise and test the $65,000 resistance.

More BTC Cons?

If Bitcoin fails to break above the $60,000 resistance zone, it could continue to fall. Immediate support on the downside is near the $58,500 level.

The first major support is $57,650. The next support is now near the $57,250 zone. Any further losses could take the price towards the $55,500 or even $55,000 support zone in the near future.

Technical indicators:

Hourly MACD – MACD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for the BTC/USD pair is currently below the 50 level.

Major support levels – $58,500 followed by $57,250.

Major resistance levels – USD 59,500 and USD 60,000.