As a seasoned researcher with years of experience tracking Bitcoin’s price movements, I can see that we are currently in a consolidation phase for BTC around the $58,500 mark. The $60,500 level is a significant resistance that needs to be breached for any potential recovery.
The price of Bitcoin has been holding steady around $58,500, suggesting a period of stabilization. For Bitcoin to initiate an upward trend in the short term, it needs to break through the resistance at $60,500.
- Bitcoin tested the $58,000 zone before there was a minor recovery.
The price is trading below $62,000 and the 100 hourly Simple moving average.
There is a major bearish trend line forming with resistance at $60,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might slip again if there is no move above the $60,500 resistance.
Bitcoin Price Starts Consolidation
As a researcher observing the Bitcoin market, I noticed a shift in momentum towards bearish sentiments when the price slipped below the $62,500 mark. The downtrend intensified as the price plummeted further, dipping even below the $60,000 level. However, a glimmer of hope emerged for the bulls near the $58,000 level, suggesting a potential recovery in the market dynamics.
At $58,009 a dip occurred and now the price is holding steady amidst losses. There was a slight rebound that touched the prices above $58,500 and $58,800. The current price has reached the 23.6% Fibonacci retracement level of the decline from the peak at $65,070 to the trough at $58,009.
Currently, Bitcoin’s trade is under $61,200 and slightly below its 100-hour Simple Moving Average. Potential upward movement may encounter resistance around $59,650. Notably, the primary initial resistance lies at the $60,000 mark. Furthermore, a significant bearish trend line is emerging on the hourly chart of BTC/USD pair, with potential resistance at $60,200.
Advancing beyond the $60,200 barrier could potentially propel the price even higher in the upcoming periods. The potential next hurdle might be at $61,500. This level is near the 50% Fibonacci retracement point of the downward trend from the peak of $65,070 to the trough of $58,009.
If the price moves just slightly above the $61,500 threshold, it could potentially trigger further increases, possibly pushing the value to challenge the resistance at $62,500.
More Downsides In BTC?
If Bitcoin fails to rise above the $60,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,550 level.
Initially, the significant backing lies at around $58,000. Currently, the next potential support is approaching the $57,650 region. If there are further drops, the price may trend towards the nearby $56,500 support level in the immediate future.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $58,550, followed by $58,000.
Major Resistance Levels – $60,200, and $61,500.
Read More
Sorry. No data so far.
2024-08-29 06:04