As a researcher with extensive experience in the cryptocurrency market, I have closely observed Bitcoin’s price action over the past few days. Based on my analysis of the current trend and technical indicators, it appears that Bitcoin is showing signs of recovery, having climbed above the $57,000 mark. However, the bullish momentum may be facing resistance at the $58,500 level.
The price of Bitcoin is gradually climbing upwards past the $56,500 mark. If Bitcoin manages to surpass the $58,500 barrier, it could potentially ignite a bullish trend.
- Bitcoin started a recovery wave above the $56,500 and $57,000 levels.
The price is trading above $57,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $57,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start a fresh increase above the $58,500 resistance zone.
Bitcoin Price Aims Higher
The price of Bitcoin rebounded, surpassing the $56,500 mark and reaching over $57,500. Yet, bears have resurfaced, challenging the resistance at $58,500.
At a price of $58,200, a peak was reached and now the market is resting within a defined trading band. Additionally, the price touched the 23.6% Fibonacci retracement mark in the upward trend that started from the swing low at $54,955 and peaked at $58,200. The bulls have been noticeably active above the $57,000 threshold.
The price of Bitcoin currently hovers around $57,200 and the 100-hour moving average. Additionally, a bullish trend line is taking shape on the hourly chart of the BTC/USD pair, with a support level at $57,200. Up next, there’s resistance to be found around $58,200 as Bitcoin looks to push higher.
As an analyst, I’ve identified the first significant resistance level at around $58,500. Overcoming this hurdle could lead to a notable uptrend in the ensuing trading sessions. The next noteworthy resistance lies at approximately $59,200. Breaking through this barrier might trigger a consistent increase, potentially pushing the price even higher towards the $60,000 mark. However, further advances beyond that level could prove challenging.
Another Decline In BTC?
If Bitcoin is unable to surpass the $58,500 barrier, there’s a risk of another price drop. The floor in this potential downtrend lies around $57,400.
The initial significant resistance holds at $57,200 along with the trendline. The subsequent support lies around $56,200 and represents the 61.8% Fibonacci retracement level following the price rise from $54,955 to $58,200. Further declines could potentially push the price towards the nearby support area of $55,000.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $57,200, followed by $56,200.
Major Resistance Levels – $58,200, and $58,500.
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2024-07-10 05:46