The cost of Bitcoin has begun to climb back up after dropping to around $55,600. However, it’s having trouble breaking through the $58,500 barrier and may fall again
- Bitcoin is struggling to recover above the $58,500 zone.
The price is trading below $58,200 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $57,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could struggle to recover above the $58,500 or $58,750 resistance levels in the near term.
Bitcoin Price Faces Hurdles
The cost of Bitcoin continued to drop, falling beneath the $57,200 support point and even trading as low as $57,000. A new low was established at $55,591, but more recently, the price has begun to rebound
The protein was denatic (t was completely deaminated to the surface of the cell at the $53,648,50000-levels to the 58,000, creating a $57, $59,772 and the $59,772 swing high to the $559,619
Currently, Bitcoin’s price hovers slightly beneath $58,200 and follows closely behind its 100-hour Simple Moving Average. Additionally, a bullish trendline is being formed, providing support at approximately $57,250 on the hourly BTC/USD chart
Positively speaking, there’s a possibility that the price may encounter a barrier around the $58,500 mark. The primary obstacle lies at approximately $58,750 or the 76.4% Fibonacci retracement level from the price swing high of $59,772 to the low of $55,591. If the price manages to surpass the $58,750 barrier, it might push higher in future trading sessions
In simpler terms, if we break through the current barrier at around $59,500, it could lead to further increases in price, potentially pushing it towards the next potential resistance at $60,000
Another Decline In BTC?
If Bitcoin doesn’t manage to break through the $58,500 barrier, there might be a new drop in its price. The nearest support can be found around $57,250 and the trendline below it
Initially, the significant backing lies at around $56,850. Currently, the next potential support is approaching the $56,200 region. If there are further declines, the price could move towards the nearby $55,500 support in the short run
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 near the 50 level.
Major Support Levels – $57,250, followed by $56,850.
Major Resistance Levels – $58,500, and $58,750.
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2024-09-05 06:04