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

Additional important levels

Today last price 56962.25
Today Daily Change -526.09
Today Daily Change % -0.92%
Today daily open 57488.34
Daily SMA20 46301.66
Daily SMA50 39509.62
Daily SMA100 30228.72
Daily SMA200 21055.43
Previous Daily High 58355.76
Previous Daily Low 55532.48
Previous Weekly High 56348.35
Previous Weekly Low 45855.52
Previous Monthly High 41987.21
Previous Monthly Low 27772
Daily Fibonacci 38.2% 57277.26
Daily Fibonacci 61.8% 56610.97
Daily Pivot Point S1 55895.29
Daily Pivot Point S2 54302.24
Daily Pivot Point S3 53072.01
Daily Pivot Point R1 58718.58
Daily Pivot Point R2 59948.81
Daily Pivot Point R3 61541.86



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

BREAKING: Ethereum price hits new all-time high above $2,550

Ethereum price just had a breakout above the previous all-time high at $2,548 and faces no resistance ahead. The digital asset has been outperforming the market for the past two days and it's leading the other coins. The next most significant price target for ETH will be $3,000. 

More Ethereum News

Cardano could slip to a two-month low if key level cracks

Cardano has been trading somewhat sideways for the past two months and established a massive resistance trendline around $1.5. The digital asset could be on the brink of a significant leg down if bulls can’t hold key support level.

More Cardano News

Bitcoin hints at following ETH’s explosive rally, XRP indecisive

Bitcoin price seems to be coiling up for an upswing as it trades around a crucial support level. Ethereum, on the other hand, has already seen a massive run-up that might retest its local top. Unlike BTC or ETH, XRP shows signs of a drop from a technical perspective.

More Bitcoin News

Dogecoin loses momentum, but upswing could still evolve

Dogecoin price crashes 35% after the hyped “dogeday420” fails to gather steam. Despite losing its upswing momentum, the meme coin could still surge if it bounces off the immediate demand. On-chain metrics point to a grim outlook for DOGE.

More Dogecoin News


Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.

Read the weekly forecast