- Bitcoin hovers near $59,300, testing resistance at $60,000; potential breakout remains uncertain.
- MACD indicates possible bullish momentum, but RSI below 50 suggests neutral to bearish market conditions.
- Failure to close above the downtrend line could lead to retesting support levels around $58,000 and $54,000.
Bitcoin’s price movement continues to near critical resistance levels, showing signs of potential breakout. According to @rektcapital, a crypto analyst on X, Bitcoin recently attempted to break through a key downtrend but failed to secure a daily close above it. Bitcoin’s current position, just below key resistance, is near a decisive breakout.
Testing Resistance Levels at $60,000
Bitcoin is testing the resistance near $60,000, a level marked by the intersection of downward trend lines and horizontal resistance levels. Notably, the recent attempt to break through this resistance resulted in a long upside shift, indicating that while Bitcoin briefly surpassed this level, it ultimately failed to close above it on the daily chart.
Source: rektcapital on X
This failure to close a daily close above the downtrend line has raised questions about the sustainability of any upward momentum. The price is currently hovering around $59,300, signaling that the battle between bulls and bears remains unresolved.
MACD and RSI Signals Suggest Mixed Momentum
Looking deeper into the technical indicators, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are offering mixed signals. The MACD, while still below the zero line, is showing signs of a potential bullish crossover. The histogram has turned green, indicating the possibility of upward momentum building.
Source: TradingView
However, the RSI, currently at 46.03, remains below the neutral 50 level. This suggests that despite the slight bullish sentiment indicated by the MACD, the market remains in a neutral to slightly bearish state and can lead to further volatility.
Potential for Breakout Remains
As Bitcoin consolidates around these resistance levels, the analyst notes that a breakout above $60,000 could signal renewed bullish momentum. If the price manages to secure a daily close above the downtrend line, it could pave the way for a move toward the next resistance at $62,000. Failure to break above this resistance could lead to further retests of support levels, notably around $58,000 or even as low as $54,000.
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