Ethereum Price Stuck In A Range, More Losses Coming?

Ethereum price started a decent upward move above the $3,300 level but upsides were limited compared to Bitcoin. ETH failed to gain pace for a close

After an impressive rally that saw Bitcoin price surging past the $60,000 handle, the apex cryptocurrency encountered a wave of selling pressure at around $61,000. As a result, BTC price slid lower, forming a local top and heading toward the $58,000 support.

Bitcoin Price Drops From $61K High

Bitcoin price began an upward move from the $55,000 support, quickly surging past the $56,000 and $57,000 resistances. BTC price continued higher and approached the $60,000 resistance.

There was a strong move above the $60,000 resistance, and the price even spiked above the $61,000 level. A high was formed at around $61,120 before bears stepped in. The price declined rapidly, forming a long bearish candle.

BTC price closed below the $59,000 level on the hourly chart, indicating a bearish session. On the downside, the price found support at around $58,250. As highlighted, the main support now sits at $58,000.

If Bitcoin fails to stay above the $58,000 support, there could be a steeper decline toward the $56,000 or $55,000 support levels.

An upside break above the $59,000 resistance might call for more gains in the coming hours. In the stated case, BTC price could rise toward the $60,000 resistance again. A clear move above the $60,000 resistance might open the doors for a rally toward the $62,000 resistance.

Technical Indicators

Hourly MACD – The MACD for BTC/USD is now bearish.

Hourly RSI – The RSI for BTC/USD is below the 50 level.

Major Support Level – $58,000

Major Resistance Level – $59,000