As a seasoned researcher with years of experience in cryptocurrency markets, I find myself closely observing the latest developments in Bitcoin’s price action. The recent decline below $60,000 is reminiscent of market swings we’ve seen before.
The price of Bitcoin has recently dipped, falling below $60,000. At the moment, Bitcoin appears to be facing difficulties and may potentially drop further towards the $56,500 support level.
- Bitcoin gained bearish momentum below the $62,000 support level.
The price is trading below $62,000 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might slip further toward the $56,500 level before the bulls appear.
Bitcoin Price Takes Hit
As a crypto investor, I found myself grappling with a challenging market as Bitcoin’s recovery stalled, failing to regain the $62,500 mark. Instead, the bears asserted their dominance, relentlessly driving the price downwards, breaching the $61,200 level. The situation worsened, and the price plummeted even below the significant psychological level of $60,000.
At $58,009, a dip was created and currently, the price is holding steady amid losses. After a brief uptick, there was a slight surge above $58,500 and $59,000. The price came close to the 23.6% Fibonacci retracement point of the downward trend from the peak at $65,070 to the trough at $58,009.
Currently, Bitcoin’s trading value hovers below approximately $61,500 and also falls short of its 100-hour Simple Moving Average. Potential obstacles may arise for the price if it attempts to rise, particularly around the $59,800 mark. The primary barrier lies at the $60,000 level, but a decisive jump over this threshold could potentially lead to further gains in subsequent periods.
The next key resistance could be $61,500. There is also a key bearish trend line forming with resistance at $61,500 on the hourly chart of the BTC/USD pair. It is close to the 50% Fib retracement level of the downward move from the $65,070 swing high to the $58,009 low. A close above the $61,500 resistance might spark more upsides. In the stated case, the price could rise and test the $62,500 resistance.
More Downsides In BTC?
If Bitcoin fails to rise above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,500 level.
Initially, a significant level of backing can be found at approximately $58,000. Currently, the next level of potential support is hovering around the $57,650 region. If further losses occur, it’s possible that the price could drop towards the nearby $56,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $58,500, followed by $58,000.
Major Resistance Levels – $60,000, and $61,500.
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2024-08-28 06:40