As a seasoned researcher with years of experience tracking Bitcoin’s price movements, I can confidently say that the current consolidation phase above $60,000 is reminiscent of a cat toying with a mouse before making its final pounce. The bulls have been patiently building momentum, and a move above the $62,000 resistance zone could be imminent.
The price of Bitcoin continues to hold firm over the $60,000 mark. Currently, it’s holding its ground, potentially setting up for a push beyond the $62,000 resistance level if bullish trends persist.
- Bitcoin started a consolidation phase above the $60,000 zone.
The price is trading above $59,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $59,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might attempt a fresh increase if it clears the $61,500 resistance zone.
Bitcoin Price Holds Gains
The price of Bitcoin held firm above the significant support at around $58,500, establishing a strong foundation. Subsequently, it began a gradual, sustained rise over the notable barrier at $60,000. The value surpassed both the resistances at $60,200 and $60,500.
In simpler terms, the prices have climbed beyond the 23.6% mark of the recent decline from the high of $61,800 to the low of $59,805. This upward trend appears promising, and it seems the bulls might strive for further growth past the resistance at $60,800.
Currently, Bitcoin is trading above $60,200 and is following the 100-hour Simple Moving Average. At the moment, its price is gathering strength near the halfway point of the Fibonacci retracement level from the peak of $61,800 to the trough of $59,805.
On a positive note, there’s a possibility that the price may encounter hurdles around the $60,800 mark. Significant resistance lies near the $61,800 level, and if we see a strong push past this barrier, it could drive the price even higher in the approaching sessions. The next potential resistance point might be at $62,000.
Reaching a level just above $62,000 may trigger further increases in price, potentially pushing it towards testing the resistance at $63,500.
Another Decline In BTC?
If Bitcoin fails to rise above the $61,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $60,200 level.
Initially, a significant level of support can be found at approximately $59,800. Currently, another potential support area is approaching the vicinity of around $58,500. If there are further declines, it may push the price towards the $58,000 support zone or potentially even to the $57,500 level in the near future.
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 – $60,200, followed by $59,800.
Major Resistance Levels – $60,800, and $61,800.
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2024-08-22 09:58