Bitcoin Price Analysis: BTC/USD pulls back to short-term support after refreshing record top
- BTC/USD refreshed all-time high above $58,000 during the week, bounces off intraday low.
- MACD turns bearish as sellers attack three-day-old support line.
- Bulls need to conquer immediate resistance line before eyeing the $60,000 threshold.
BTC/USD wavers around $57,000 while consolidating the weekend run-up to the fresh high on record, to $58,355. In doing so, the quote bounces off an immediate ascending trend line from Friday.
While favoring further consolidation, the MACD flashes the first bearish signal in the last three days.
As a result, Bitcoin may witness a pullback towards the one-week-old support line, at $54,300 now, if it drops below $56,200 immediate support.
However, even the short-term BTC/USD bulls are less likely to be turned down unless the quote stays above the 50-bar SMA level of $51,890.
Alternatively, the latest high near $58,300 and an immediate resistance line around $58,550 can restrict the quote’s short-term upside even as the BTC/USD buyers keep having $60,000 on the table for long.
BTC/USD four-hour chart
Trend: Pullback expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
