As a researcher with experience in cryptocurrency markets, I have closely observed the recent price action of Bitcoin (BTC). Based on my analysis, it appears that the price has failed to start a sustainable recovery above the $58,500 resistance zone. Instead, BTC has resumed its downward trend and is currently trading below key support levels such as $56,500 and the 100 hourly Simple moving average.
The price of Bitcoin was unable to rebound past the $58,500 mark, instead continuing its downward trend and potentially dropping below $54,000.
- Bitcoin started a fresh decline and traded below the $56,500 zone.
The price is trading below $56,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $56,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might struggle to start a fresh increase above the $58,000 resistance zone.
Bitcoin Price Turns Red
The price of Bitcoin rebounded above the $57,000 mark and reached beyond $58,000. Nevertheless, bears put up a strong resistance at the $58,500 level.
At a peak of $58,396, a new downtrend began with the price dipping beneath the thresholds of $57,000 and $56,500. The price then reached a bottom at approximately $54,301, where it currently pauses to recover losses. There was a slight uptick in value, drawing close to the 23.6% Fibonacci retracement level of the descent from $58,396 to $54,301.
The price of Bitcoin remains under $56,500 and below its 100-hour Simple Moving Average. Nearby resistance lies around $56,000. Initial significant resistance can be found at approximately $56,400.
On the hourly chart of the BTC/USD pair, a bearish trend line is developing with a resistance level at $56,350. This trend line is close to the 50% Fibonacci retracement level of the price drop from $58,396 peak to $54,301 low. Should the price break above this trend line, it could potentially advance toward $57,400. The subsequent resistance might be found at $58,400.
As a researcher studying the market trends, I would propose that surpassing the $58,40 resistance level by a narrow margin could potentially trigger a steady upward momentum, leading the price to challenge the next resistance at $60,000 in the upcoming trading sessions.
More Losses In BTC?
If Bitcoin doesn’t manage to surpass the $56,400 barrier, there’s a possibility it might keep declining instead. The closest support lies around the $54,400 mark.
As a crypto investor, I’d interpret it this way: The price of my cryptocurrency has found its first significant support at around $53,650. Currently, a new support level is being established closer to $53,200. Should the price continue to drop, it may head towards the $52,000 zone in the short term as that area offers another potential level of support.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $54,400, followed by $53,500.
Major Resistance Levels – $56,400, and $58,400.
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2024-07-08 12:53