HomeLatest NewsBitcoin price refreshes key support after a pullback from $60k. What next?

Bitcoin price refreshes key support after a pullback from $60k. What next?

Bitcoin dropped to lows of $56,275 before a slight recovery sent it above $58k

Bitcoin price has moved above $58,000 once again, retesting resistance near $58,500. The upside follows the corrective pullback witnessed on Thursday and early Friday that had seen BTC price slip from highs of $60,000 to lows of $56,275.

At the time of writing, Bitcoin is trading around $58,068 and is looking for a fresh assault at the critical $58.5k barrier. But bears are also trying to lay claim to momentum, which has seen prices hemmed between $58,500 and $57,600.

If bulls take charge going into the weekend, Bitcoin price could pierce the $60k ceiling and look for fresh highs near $62,000. The bullish view could invalidate if prices break below intraday lows and punctures the critical support level of $55,000.

Bitcoin price outlook

The technical picture for BTC/USD suggests bulls could push towards the $60,000 resistance level if they hold above $58,000. The hourly RSI is above the midpoint at 53, while the hourly MACD suggests a bullish flip as it looks to strengthen above the signal line.

If the uptrend resumes, the initial resistance remains at the $58,500 level. A clear breach of this hurdle will likely aid the upside momentum to $59,000. Here the 0.236 Fibonacci retracement level of the move from $60,089 high to $56,275 low offers minor resistance.

A clear break above $59k would allow bulls to target the round figure ceiling at $60k, with further gains likely to see BTC/USD retest the all-time high levels at $61,683.

BTC/USD hourly chart. Source: TradingView

On the downside, BTC/USD is struggling to retain the upside momentum above $58,000. The cryptocurrency is seeing increased sell orders near the 0.5 Fib level ($58,182), with a fresh downward correction likely to push prices past the 0.618 Fib level ($57,732).

The next cushion is at the 100 SMA ($56,780), which could open up a path for sellers to revisit intraday lows of $56,275.

If bears succeed in pushing prices below the $56,000 support level, it’s possible that BTC may decline to the 1.272 Fib level ($55,237). In the event bulls fail to stem the rot at the $55k level, the next target on the downside would be $54,000 (the 1.618 Fib level is at $53,918) and then the zone near $53,000.


Sign up to our exclusive newsletter today!

Tailored emails

No SPAM ever!

Alt coin news

Unsub anytime

After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.