- Bitcoin price opened the daily chart with a downtrend from $57,996 to $56,990.
- A bullish trendline has formed with support near $56,533 on the 4-hour chart.
- If BTC failed to clear key resistance at $58,000, remain prepared for a lower correction.
Bitcoin Price Prediction: General price overview
Bitcoin Price retested the $58,000 price level in the late trading hours of yesterday’s daily chart. The coin achieved $58,137 before correcting lower near the $56,685 support level.
The digital currency is now trading nicely above $56K and the 100-hourly SMA. The bulls are in control of the price, and the market is anticipating a positive acceleration above $58,000. The 14-day RSI is trending at 41, and breaking below 30 translates to the end of any further downtrends. But it turns out the RSI operating below 50 is a negative sign indicating a market congested with selling pressure. The bulls are, however, betting on the stochastic oscillator, which is signaling a bullish pattern.