As a seasoned researcher who has witnessed the crypto market’s rollercoaster ride for years, I can say with a mix of concern and intrigue that Bitcoin’s latest dip below $55,000 is a reminder of the volatile nature of this digital asset. The bearish momentum, as evidenced by the price trading below key support levels, suggests we might see further downside towards $50,000. However, I always find it fascinating how quickly the market can change, and a break above the $58,000 resistance could swiftly turn the tide.
The cost of Bitcoin has dropped significantly, falling beneath the $55,000 barrier. At present, it’s decreased by more than 15%, with potential for a further dip down to the $50,000 region.
- Bitcoin gained bearish momentum below the $56,500 and $55,000 support levels.
The price is trading below $55,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $56,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start a decent recovery wave if it clears the $58,000 resistance zone.
Bitcoin Price Nosedives
The cost of Bitcoin dipped beyond the $56,500 barrier that was meant to support it. In fact, it dropped below the $55,000 and $54,500 mark as well. A low point was reached at approximately $52,430, following which the price has been stabilizing, indicating a pause in its decline.
The bitcoin price surpassed $53,500 and touched the 23.6% Fibonacci retracement level following its decline from the peak of $61,040 to a low of $52,430. Yet, it’s having difficulties breaking through the $55,000 resistance barrier. Additionally, there seems to be an emerging bearish trend line with resistance at $56,700 on the hourly Bitcoin-to-USD chart.
Currently, Bitcoin’s trading value hovers below the $55,000 mark and slightly under its 100-hour Simple Moving Average. On the positive side, Bitcoin might encounter a barrier to further growth around $55,500. The primary obstacle for any significant price increase lies at approximately $56,800.
Moving beyond the $56,800 barrier could potentially push the price upwards in the near future, with potential resistance levels at around $58,000 or the 61.8% Fibonacci retracement level following the downward swing from the $61,040 peak to the $52,430 trough.
As a researcher, I find myself standing at a significant juncture where the next major obstacle looms at approximately $58,800. If we manage to surpass this resistance level, it could potentially ignite bullish momentum. In such an instance, the price might continue its ascent and challenge the resistance at $60,000.
More Downsides In BTC?
If Bitcoin doesn’t manage to break past the $56,800 barrier, it might initiate another drop. The nearest support for a potential fall would be around $53,000.
As a researcher studying market trends, I’ve observed that the initial significant support stands firm at around $52,500. Currently, the next level of support is hovering just under $52,000. Should further losses occur, it’s likely we might witness the price moving towards the near-term $50,000 support zone.
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 30 level.
Major Support Levels – $53,000, followed by $52,500.
Major Resistance Levels – $56,800, and $58,000.
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2024-08-05 07:34