The price of Bitcoin attempted to break the $60,650 resistance level but was unable to do so. As a result, it is now in a corrective phase and may decline towards the $57,500 support zone. Bitcoin had experienced a decent increase after breaking the $58,500 resistance, climbing above $59,500 and even clearing the $60,000 resistance. However, the bears are currently active near the $60,650 resistance zone. Bitcoin is now trading below $58,800 and the 100 hourly Simple Moving Average. On the upside, the price could face resistance at the $59,200 and $60,000 levels, while on the downside, immediate support is at the $58,000 level. The first major support is at $57,500, followed by $56,750. Further losses could bring the price towards the $55,550 support. Technical indicators show that the MACD is in the bearish zone and the RSI is below 50.
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