Bitcoin Price Recovery Could Face Many Hurdles Near $60K, Here’s Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,314,081,699,360	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,314,081,699,360

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	769.89	1.16%	66,930.19	66,930.18	66,930.19

Price Change

Price Change %

Current Price

Bid Price

Offer

769.89

1.16%

66,930.19

66,930.18

66,930.19

High Price	Low Price	Open Price	Prev. Close	52 Week Range
67,296.00	66,057.03	67,127.00	66,160.30	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

67,296.00

66,057.03

67,127.00

66,160.30

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:15:30	0.001316	66,930.19	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:15:30

0.001316

66,930.19

USD

Price x Volume	Volume	Base Symbol	Related Pairs
122,161,209.92	1,831.04	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

122,161,209.92

1,831.04

Bitcoin Price Recovery Could Face Many Hurdles Near $60K, Here’s Why

03/05/2024 3:58am

NEWSBTC

Bitcoin price found support near the $56,350 zone. BTC is recovering higher, but the bears might be active near the $60,000 resistance zone. Bitcoin is attempting a recovery wave from the $56,350 support zone. The price is trading below $60,000 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $57,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could struggle to clear the $60,000 and $60,500 resistance levels. Bitcoin Price Faces Resistance Bitcoin price extended losses below the $60,000 level to enter a short-term bearish zone. BTC even traded below the $58,000 level before the bulls appeared near the $56,350 level. A low was formed at $56,378 and the price started a decent recovery wave. The price climbed above the $58,000 resistance zone. There was a break above a key bearish trend line with resistance at $57,800 on the hourly chart of the BTC/USD pair. The price climbed above the 23.6% Fib retracement level of the downward wave from the $64,738 swing high to the $56,378 low. Bitcoin is still trading below $60,000 and the 100 hourly Simple moving average. Immediate resistance is near the $60,000 level. The first major resistance could be $60,500. It is close to the 50% Fib retracement level of the downward wave from the $64,738 swing high to the $56,378 low. The next key resistance could be $61,500. Source: BTCUSD on TradingView.com A clear move above the $61,500 resistance might send the price higher. The next resistance now sits at $63,400. If there is a clear move above the $63,400 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000. Rejection In BTC? If Bitcoin fails to rise above the $60,500 resistance zone, it could start another decline. Immediate support on the downside is near the $58,500 level. The first major support is $57,800. If there is a close below $57,800, the price could start to drop toward $56,350. Any more losses might send the price toward the $55,000 support zone 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 above the 50 level. Major Support Levels – $57,000, followed by $56,500. Major Resistance Levels – $60,000, $60,500, and $61,500.

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