As a seasoned researcher with years of experience in the cryptocurrency market, I have seen Bitcoin’s volatility firsthand. The current trend suggests that BTC is gearing up for another potential increase, with the price recovering above the $58,000 and $58,500 levels. However, it’s important to note that the price is still trading below the $60,000 mark and the 100 hourly Simple moving average, which could potentially act as a hurdle.
As a crypto investor, I’m pleased to see that the Bitcoin price has managed to stay above the critical support level of $57,650. Currently, there’s an upward trend, and it seems BTC is eyeing a potential breakthrough above the $60,000 resistance barrier.
- Bitcoin started a recovery wave above the $58,500 resistance zone.
The price is trading below $60,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might attempt a fresh increase if it settles above the $60,000 resistance zone.
Bitcoin Price Eyes Another Increase
Initially, Bitcoin’s price dipped below the $60,000 mark, initiating a decrease. The digital currency fell beneath the $59,500 and $58,000 thresholds, entering a temporary bearish phase. A bottom was reached at $57,690, but Bitcoin has since started to rebound.
The price surpassed the $58,000 and $58,500 points, also crossing above the halfway point (50%) of the recent downtrend from the peak at $61,800 to the trough at $57,690.
Currently, Bitcoin’s price is dipping below the $60,000 mark and its 100-hour Simple Moving Average. If it rises, it might encounter obstacles around the same $60,000 price point. Additionally, a downward trend line is being formed on the hourly BTC/USD chart, with resistance at $60,000, suggesting potential bearish trends.
As a researcher examining the market dynamics, I’ve noticed that the primary resistance lies around the $60,250 mark. This level is quite close to the 61.8% Fibonacci retracement level derived from the downswing from the $61,800 peak to the $57,690 trough. Overcoming this resistance might propel the price upward in the imminent trading sessions. The subsequent key resistance could potentially be at $61,200.
Overcoming the current barrier at $62,500 could lead to further gains. If we manage to break through this resistance level, it may trigger additional upward momentum. Under such circumstances, the price might escalate and attempt to breach the resistance at $64,200.
Another Decline In BTC?
If Bitcoin fails to rise above the $60,000 resistance zone, it could start another decline. Immediate support on the downside is near the $58,800 level.
Initially, a significant level of support can be found at approximately $57,650. At present, the next potential support is approaching the vicinity of $57,000. If further declines occur, it could push the price towards the $55,500 or even $55,000 support levels in the short term.
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 – $58,500, followed by $57,650.
Major Resistance Levels – $60,000, and $60,250.
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2024-08-13 06:22