Bitcoin price has remained stable above the $58,500 support zone despite facing resistance at $60,200 and $61,500. For a steady increase, Bitcoin needs to clear the $61,500 resistance level. Currently, the price is trading below $61,000 and the 100 hourly Simple Moving Average.
There is a bullish trend line with support at $58,800 on the BTC/USD pair chart. The price might experience more downsides if it fails to stay above the $58,500 support.
A clear move above $60,200 could send the price higher, with the next resistance at $61,200. Failing to rise above $60,200 may lead to another decline.
Immediate support is near $58,800 and $58,500. Any further losses might push the price near the $56,500 support in the short term.
Technical indicators also show that the hourly MACD is losing pace in the bearish zone, and the RSI for BTC/USD is below 50. Major support levels are at $58,800 and $58,000, while major resistance levels are at $60,200 and $61,200.
