Bitcoin Price Encounters Resistance: Will It Clear The Hurdles?
2024-10-11

Bitcoin price extended losses and traded below the $60,000 zone. BTC is now attempting a recovery wave and facing hurdles near $60,800.
Bitcoin Price Falls Again
Bitcoin price failed to start a fresh increase above $62,000 and started a fresh decline. BTC traded below the $61,500 and $60,500 levels. It even broke the $60,000 support.
A low was formed at $58,888 and the price is now consolidating losses. There was a minor increase above the $60,000 level. The price was able to climb above the 23.6% Fib retracement level of the downward move from the $64,420 swing high to the $58,888 low.
Bitcoin price is now trading below $61,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $60,800 level. There is also a key bearish trend line forming with resistance at $60,800 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $61,650 level or the 50% Fib retracement level of the downward move from the $64,420 swing high to the $58,888 low. A clear move above the $61,650 resistance might send the price higher. The next key resistance could be $62,000.
A close above the $62,000 resistance might initiate more gains. In the stated case, the price could rise and test the $63,200 resistance level. Any more gains might send the price toward the $64,000 resistance level.
More Downsides In BTC?
If Bitcoin fails to rise above the $60,800 resistance zone, it could start another decline. Immediate support on the downside is near the $59,600 level.
The first major support is near the $58,850 level. The next support is now near the $58,500 zone. Any more losses might send the price toward the $57,200 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $59,600, followed by $58,850.
Major Resistance Levels – $60,800, and $61,650.