Bitcoin Price Holds Support: Is There a Rebound on the Horizon?

Bitcoin price remained stable above the $58,500 support zone. BTC is struggling and can only start a steady rise if it surpasses $61,500.

Bitcoin is still struggling to break above the $60,200 and $61,500 resistance levels.
The price is trading below $61,000 and the 100-hour elementary moving average.
On the hourly chart of the BTC/USD pair (data from Kraken), a connecting uptrend line is forming with support at $58,800.
The pair may continue to decline if it fails to stay above the support level at $58,500.

Bitcoin Price Stuck In Range

Bitcoin price remained stable above the $58,000 and $58,500 support levels. A base formed and the price attempted a rebound above the $59,500 level. However, bears were lively near the $61,200 level.

There was a fresh decline, with the price retesting the $58,800 support. A low formed at $58,717, and the price is now consolidating losses. It is stuck near the 23.6% Fibonacci retracement level of the recent decline from a swing high of $61,143 to a swing low of $58,717.

Bitcoin is now trading below $61,000 and the 100-hour elementary moving average. There is also a connecting bullish trendline forming with support at $58,800 on the hourly chart of the BTC/USD pair.

On the other hand, the price could face resistance near the $59,650 level. The first key resistance is located near the $60,200 level. This is the 61.8% Fibonacci retracement level of the recent decline from the $61,143 high to the $58,717 low.

A clear move above the $60,200 resistance could trigger further price growth in the coming sessions. The next key resistance could be $61,200. A close above the $61,200 resistance could trigger more upside. In the given case, the price could rally and test the $62,500 resistance.

More BTC Cons?

If Bitcoin fails to break above the $60,200 resistance zone, it could begin another decline. Immediate support on the downside is near the $58,800 level and the trendline.

The first major support is at $58,500. The next support is now near the $58,000 zone. Any further losses could take the price towards the $56,500 support in the near future.

Technical indicators:

Hourly MACD – MACD is currently losing 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 – $58,800 followed by $58,000.

Major resistance levels – USD 60,200 and USD 61,200.