Bitcoin Price Bounce at Risk: Is the Recovery About to Fade?
05 September 2024 - 12:52PM
NEWSBTC
Bitcoin price started a recovery wave from the $55,600 zone. BTC is
now struggling to clear the $58,500 resistance and might decline
again. Bitcoin is struggling to recover above the $58,500 zone. The
price is trading below $58,200 and the 100 hourly Simple moving
average. There is a connecting bullish trend line forming with
support at $57,250 on the hourly chart of the BTC/USD pair (data
feed from Kraken). The pair could struggle to recover above the
$58,500 or $58,750 resistance levels in the near term. Bitcoin
Price Faces Hurdles Bitcoin price extended losses below the $57,200
support level. BTC even traded below the $57,000 support. A low was
formed at $55,591 and the price recently started a recovery wave.
There was a move above the $56,500 and $57,000 resistance levels.
It cleared the 50% Fib retracement level of the downward move from
the $59,772 swing high to the $55,591 low. The price even cleared
the $58,000 level but faced sellers near $58,500. Bitcoin is now
trading below $58,200 and the 100 hourly Simple moving average.
There is also a connecting bullish trend line forming with support
at $57,250 on the hourly chart of the BTC/USD pair. On the upside,
the price could face resistance near the $58,500 level. The first
key resistance is near the $58,750 level or the 76.4% Fib
retracement level of the downward move from the $59,772 swing high
to the $55,591 low. A clear move above the $58,750 resistance might
send the price further higher in the coming sessions. The next key
resistance could be $59,500. A close above the $59,500 resistance
might spark more upsides. In the stated case, the price could rise
and test the $60,000 resistance. Another Decline In BTC? If Bitcoin
fails to rise above the $58,500 resistance zone, it could start
another decline. Immediate support on the downside is near the
$57,250 level and the trend line. The first major support is
$56,850. The next support is now near the $56,200 zone. Any more
losses might send the price toward the $55,500 support in the near
term. Technical indicators: Hourly MACD – The MACD is now losing
pace in the bullish zone. Hourly RSI (Relative Strength Index) –
The RSI for BTC/USD is now near the 50 level. Major Support Levels
– $57,250, followed by $56,850. Major Resistance Levels – $58,500,
and $58,750.
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