As a seasoned crypto investor with several years of experience in the market, I’ve seen my fair share of Bitcoin price swings. And right now, it looks like we’re in for another dip. The price has started declining again from the $59,500 resistance zone, and the bears are gaining strength below the $56,000 support.
As a market analyst, I’ve observed Bitcoin‘s price initiating another downward trend from the $59,500 mark. Currently, Bitcoin is on a descending path, and should the bearish sentiment prevail, it could potentially strengthen beneath the $56,000 support level.
- Bitcoin started another decline from the $59,500 resistance zone.
The price is trading below $57,500 and the 100 hourly Simple moving average.
There is a key declining channel forming with resistance at $58,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down if it fails to stay above the $56,500 support.
Bitcoin Price Dips Again
As a researcher studying the Bitcoin market, I’ve observed that the price faced challenges in surpassing the resistance levels of $59,500 and $60,000. At one point, it reached a peak close to the $59,500 resistance zone before initiating another downward trend. The price subsequently dipped below the $58,500 support level.
As a crypto investor, I’ve noticed that the price has dipped below my support levels at $57,800 and $57,500. It took a hit in the $56,600 area and formed a new low at $56,593. Currently, it’s consolidating its losses as it hovers around the 23.6% Fibonacci retracement level of the recent downward move from the high of $58,963 to the low of $56,593.
As a crypto investor, I’m observing that Bitcoin’s current price hovers around the $57,000 mark and falls below both the 100-hour Simple Moving Average and my personal watchlist. The next barrier of resistance lies at approximately $57,750. However, a more significant challenge awaits at the $58,000 level or the 61.8% Fibonacci retracement point derived from Bitcoin’s price swing between its peak at $58,963 and its lowest point at $56,593.
As an analyst, I’ve noticed that surpassing the $58,000 resistance level could lead to a noteworthy price rise in the upcoming trading sessions. Subsequently, the next significant barrier might be situated at $58,500. Furthermore, there appears to be a distinct descending channel emerging on the hourly chart of the BTC/USD pair, with resistance at $58,400.
As a crypto investor, I see the next significant challenge for the price lying at the $59,500 mark. Clearing this resistance level might trigger a consistent uptrend and push the price further up. If we manage to surpass the $59,500 hurdle, the price could then attempt to breach the $60,000 resistance.
More Downsides In BTC?
Should Bitcoin be unable to surpass the $58,000 resistance mark, there’s a possibility it may head lower instead. A noteworthy support lies around the $56,600 region in such a scenario.
As an analyst, I’ve identified the first significant level of support for the price at $56,000. Currently, we’re approaching a new support area around $55,000. Should the price continue to decline, it may lead us towards the near-term support zone of $53,500.
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 – $56,500, followed by $55,000.
Major Resistance Levels – $58,000, and $58,500.
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2024-07-12 05:46