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.

Anil Panchal FXStreet

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

Overview
Today last price	56962.25
Today Daily Change	-526.09
Today Daily Change %	-0.92%
Today daily open	57488.34

Trends
Daily SMA20	46301.66
Daily SMA50	39509.62
Daily SMA100	30228.72
Daily SMA200	21055.43

Levels
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

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.

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BTC/USD four-hour chart

Additional important levels

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