On the 4-hour chart, Bitcoin recovered above the 200 EMA and a key support area, which could fuel another move toward $60,000
On Tuesday, Bitcoin faced resistance around $59,982 on Coinbase. That rejection triggered a roughly 10% drop that pushed prices down to support near $53,500. The sell-off coincided with a sharp decline in stocks, producing a cascade that also dragged down several major altcoins.
Over the past 24 hours, however, Bitcoin has begun to recover. The flagship cryptocurrency has gained about 4% versus the US dollar and climbed back above $57,000. This upswing has pushed BTC above the 200-period exponential moving average on the 4-hour chart.
As a result, Bitcoin bulls are now attempting to break above the supply zone at $57,500. If successful, this scenario could enable a renewed short-term rally.
Bitcoin price analysis
The 4-hour chart shows that Bitcoin established a series of higher lows and lower highs since it broke up from $47,000 on April 25.
On May 10, however, the price broke down from an ascending trendline support and formed another lower high beneath the 200 EMA (around $56,353).
Intraday action has pushed the price back above that moving average, and bulls now aim to drive another advance toward the rising support line.
BTC/USD on the 4-hour chart. Source: TradingView
Technical indicators on the chart support a constructive Bitcoin outlook. The RSI has climbed above 50, while the MACD shows a hidden bullish crossover and diminishing downside momentum.
Therefore, bulls need a daily close above $58,054. That level represents an initial supply wall marked by the 61.8% Fibonacci retracement of the macro decline from $64,850 to $47,061. A clean breakout above this zone with increasing buying pressure could push BTC/USD toward the stubborn resistance near $59,500.
Upside targets beyond that include the psychologically important $60,000 level and the 78.6% Fibonacci retracement around $61,043.
An alternative, bearish scenario would materialize if the pair forms another lower high under the 200 EMA. In that case, immediate support sits around $54,000. Break levels at $53,300 and $52,700 would act as further support if sentiment deteriorates. The primary support to watch would likely be the 23.6% Fib level near $51,259.