As a seasoned analyst with over a decade of experience in financial markets, I have seen my fair share of market cycles and trends. When it comes to Bitcoin (BTC), I am always keeping a close eye on its price action due to its significant impact on the global financial landscape.
The price of Bitcoin is holding steady around the $57,500 mark. If Bitcoin manages to surpass the $58,000 resistance level soon, it could potentially see a surge in its bullish trend.
- Bitcoin started a recovery wave above the $55,500 and $56,500 levels.
The price is trading above $57,000 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might struggle to clear the $58,250 resistance zone.
Bitcoin Price Could Continue Higher
As a crypto investor, I’ve noticed an uplift in Bitcoin’s price, breaking through the significant resistance at around $53,500. Subsequently, it surged past the subsequent hurdles at $55,500 and $56,500, indicating a temporary bullish trend for BTC.
The price of Bitcoin (BTC) climbed beyond the 61.8% Fibonacci retracement point from its high at $61,040 to its low at $49,110, and it also surpassed a significant bearish trend line with resistance at $56,850 on the hourly Bitcoin-to-US-Dollar (BTC/USD) chart.
Currently, bitcoin prices are pushing higher and have surpassed $57,000, as well as the 100-hour Simple Moving Average. As it climbs, there may be resistance around $58,250 due to its proximity to a significant Fibonacci retracement level of approximately 76.4%. This level is derived from the significant drop in price from the high of $61,040 to the low of $49,110.
Initially, a significant barrier lies around the $58,800 mark. If the price breaks through this barrier at $58,800, it may continue to climb in the forthcoming periods. The next potential barrier could be found at $59,500. A successful close above the $60,000 resistance could ignite more bullish activity, potentially causing the price to escalate and challenge the $62,000 resistance.
Another Decline In BTC?
If Bitcoin doesn’t manage to surge past the $58,250 barrier, there’s a possibility it might dip again. The nearest support it could find in such a scenario would be around $56,400 or the 100-hour Simple Moving Average (SMA).
Initially, the significant backing for the price stands at around $54,500. Currently, the next level of support is approaching $53,500. If the price continues to drop, it may trend towards the reinforcement zone at $52,000 in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $56,400, followed by $54,500.
Major Resistance Levels – $58,250, and $58,800.
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2024-08-08 05:46