As a seasoned researcher with years of experience in analyzing cryptocurrency markets, I see Bitcoin’s current trajectory as a promising one. The price surge above the $56,500 resistance is noteworthy and signals a potential bullish trend. However, the price is currently facing resistance at the $58,000 level, which could delay further gains.
The cost of Bitcoin began a noteworthy climb surpassing the $56,500 barrier. However, Bitcoin is currently facing challenges in breaking through the $58,000 resistance level and is temporarily holding its ground.
- Bitcoin is attempting a fresh increase from the $52,500 support zone.
The price is trading above $56,500 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $56,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain pace if it clears the $58,000 and $58,200 resistance levels in the near term.
Bitcoin Price Faces Resistance
After surpassing the $55,000 barrier, Bitcoin’s cost experienced a noticeable rise. Subsequently, it managed to exceed the $56,500 resistance level and at one point, even soared past the $58,000 resistance threshold.
Currently, the peak price point was reached at around $58,000, and we’re seeing a period of holding onto those gains. There was a slight drop that fell just below $57,000. The value then dropped beneath the 23.6% Fibonacci retracement line, which is calculated from the price movement between the $53,643 swing low and the $58,000 high.
Currently, Bitcoin’s price surpasses $56,500 and aligns with its 100-hour Simple Moving Average. Additionally, a potential bullish trend line is emerging, offering support at approximately $56,800 on the hourly BTC/USD chart.
Positively speaking, the price may encounter a barrier around $57,500. The primary potential obstacle lies at approximately $58,000. If the price manages to surpass this initial hurdle at $58,000, it could initiate a gradual upward trend in the subsequent sessions. Another significant resistance might be found at $58,800. Overcoming this obstacle at $58,800 could potentially ignite further price increases. In such a scenario, the price may continue to climb and challenge the $60,000 resistance level.
Another Decline In BTC?
If Bitcoin doesn’t manage to break through the $57,500 barrier, there might be a renewed drop in prices. The closest support can be found around $56,800 and the trendline.
Key initial support lies at approximately $55,300, which represents the 61.8% Fibonacci retracement level following the upward trend from the $53,643 low to the $58,000 peak. The current secondary support can be found around the $54,200 range. Further declines could potentially push the price down towards the nearby $53,500 support in the short term.
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 below the 50 level.
Major Support Levels – $56,800, followed by $55,300.
Major Resistance Levels – $57,500, and $58,000.
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2024-09-11 05:46