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Cryptocurrency News Articles
Bitcoin (BTC) Price Faces Hurdles Near $58.5K, Another Dip In BTC?
Sep 05, 2024 at 10:52 am
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.
Bitcoin price began a recovery wave from the $55,600 zone. BTC is now struggling to clear the $58,500 resistance and might decline again.
Bitcoin Price Faces Hurdles
Bitcoin price extended its 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.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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