There was a break above the 23.6% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low.
On the upside, an immediate resistance is near the $60,700 level.
It is close to the 50% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low.
If the bulls push the price towards $62,500, the bears are likely to take a stand.
If bitcoin fails to recover above the $61,200 resistance zone, it could extend decline.
The next major support is near the $58,500 level, below which the bears might aim a more downsides.
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