As a seasoned crypto investor with over a decade of experience navigating through market cycles, I see this recent Bitcoin price surge as a promising sign. After the dip below $52,500, Bitcoin has managed to break the $55,500 resistance and is now eyeing the $58,000 mark. This is reminiscent of the ‘coin flipping’ days when a bullish trend could turn bearish in minutes, but we are seeing a more steady climb this time around.
The price of Bitcoin has begun a notable rise surpassing the $55,500 barrier. If Bitcoin manages to break through the $58,000 resistance, it could potentially see further growth.
- Bitcoin is rising from the $52,500 support zone.
The price is trading above $55,500 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $55,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is facing resistance near the $58,000 and $58,200 resistance levels in the near term.
Bitcoin Price Starts Recovery
As a crypto investor, I’ve noticed an encouraging uptrend in Bitcoin’s price. It surpassed the significant resistance of $55,500 and continued to climb, successfully breaching the $56,200 resistance level. This movement also signaled a break above a crucial bearish trend line that had previously been holding at $55,300 on the hourly Bitcoin-to-USD chart, suggesting a potential shift in market sentiment.
The pair even spiked above the $58,000 resistance zone. A high was formed at $58,050 and the price is now consolidating gains. There was a minor decline below the $57,500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $52,569 swing low to the $58,050 high.
Currently, Bitcoin’s value surpasses $55,500 and aligns with its 100-hour Simple Moving Average. As it climbs, potential obstacles might arise around the $57,500 mark. Initially, a significant resistance can be noticed at approximately $58,000 level.
As a crypto investor, if the price manages to break through the $58,000 barrier in the near future, it may propel further growth. The subsequent hurdle could be at $58,500. Should we successfully surpass this $58,500 resistance, it might initiate additional upward momentum. In such a scenario, we could potentially witness a surge towards the $60,000 resistance level.
Another Decline In BTC?
If Bitcoin doesn’t manage to break through its resistance at approximately $58,000, there’s a possibility it might initiate another drop. A potential floor for any fall could be around $56,750.
The first significant resistance lies at around $55,500, which also serves as the 50% Fibonacci retracement point for the upward trend from the $52,569 low to the $58,050 high. Currently, another support can be found in the vicinity of $53,500. If there are further declines, the price may head towards the nearby support at $52,600.
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 above the 50 level.
Major Support Levels – $56,750, followed by $55,500.
Major Resistance Levels – $57,500, and $58,000.
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2024-09-10 05:46