As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles. The current recovery wave in Bitcoin is a sight to behold, but it might face some hurdles on its way to new highs.
As an analyst, I’ve observed that after hitting a low at around $57,200, Bitcoin has started a recovery phase. Currently, Bitcoin is on an upward trend; however, it might encounter some resistance at the $60,200 and $61,150 price points.
- Bitcoin is attempting a recovery wave above the $58,000 support zone.
The price is trading above $58,000 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance at $58,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could face heavy resistance at $60,200 or $61,150 in the near term.
Bitcoin Price Starts Recovery
The cost of Bitcoin dropped beneath the $58,500 resistance point, reaching as low as $57,200 before stabilizing. However, it’s now showing signs of recovery after forming a low at $57,124.
The price surpassed barriers at $58,000 and $58,200, which served as resistance levels. It surmounted the 50% Fibonacci retracement point from the peak of $61,143 to the low of $57,124 in its downward trend. Furthermore, it broke through an ascending bearish trendline with a resistance at $58,350 on the hourly Bitcoin-to-US-Dollar chart.
Currently, Bitcoin is trading beyond $58,000 and its 100-hour Simple Moving Average. If it continues to rise, potential obstacles may be found around the $60,200 mark or at the 76.4% Fibonacci retracement level of the downward swing from the peak of $61,143 to the trough of $57,124.
Initially, a significant barrier lies around $61,150. If we see a decisive break through this point, it may push the price upward in future trading periods. The subsequent hurdle might be at $62,000. A closing above $62,000 could ignite further gains, potentially leading to a challenge of the $65,000 resistance.
Another Decline In BTC?
If Bitcoin doesn’t manage to break through the $60,200 barrier, there’s a possibility it might slide down again. The nearest support lies around the $58,750 mark if that happens.
As a researcher analyzing market trends, I’ve identified a significant support level at approximately $58,500. Currently, we’re approaching a critical zone around $57,200. Any further declines could potentially push the price towards the nearby $56,200 support in the near future.
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 – $58,750, followed by $58,500.
Major Resistance Levels – $60,200, and $61,150.
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2024-09-03 05:46