As a seasoned researcher with years of experience tracking Bitcoin’s volatile price movements, I find myself observing yet another decline in BTC‘s value, dipping below the $57,200 zone and showing signs of bearishness. The price is currently trading below key support levels such as $58,000 and the 100 hourly Simple Moving Average, with a break below a connecting bullish trend line adding to my concern.
The cost of Bitcoin has dropped again, falling beneath the $57,200 level. This trend suggests a bearish outlook for Bitcoin, which may soon encounter resistance at the $55,000 support level.
- Bitcoin is gaining pace below the $58,000 support zone.
The price is trading below $57,500 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support at $58,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could struggle to recover above the $57,650 or $58,000 resistance levels in the near term.
Bitcoin Price Takes Hit
The price of Bitcoin continued to fall below its support at approximately $57,500, dipping further down to trade near $57,200. This decline broke through a previously established bullish trend line that had offered support at around $58,900 on the hourly Bitcoin/USD chart.
At $55,591, a dip occurred, but the price is now bouncing back. It surpassed the obstacles at $56,000 and $56,200. Furthermore, it went beyond the 23.6% Fibonacci retracement level of the fall from the peak of $59,773 to the trough of $55,591.
Currently, Bitcoin is trading below $58,000 and slightly lower than its 100-hour Simple Moving Average. On the positive side, potential obstacles may arise for the price increase around the $57,650 mark or at the 50% Fibonacci retracement level of the recent downward trend from the peak of $59,773 to the trough of $55,591.
Initially, a significant barrier lies around the $58,000 mark. If the price manages to break through this barrier at $58,000, it may continue to climb in the upcoming periods. The next notable barrier could be found at $58,800. Should the price close above the $58,800 barrier at $58,8000, it might lead to further increases. In such a scenario, the price might attempt to reach the resistance at $60,000.
More Downsides In BTC?
If Bitcoin doesn’t manage to break through the $58,000 barrier, it might initiate another drop. The closest potential support can be found around the $56,350 area.
The initial significant backing amounts to $55,500. Currently, the next level of support is approaching the vicinity of $55,200. If additional losses occur, it could potentially drive the price towards the $53,500 support zone 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 – $56,350, followed by $55,500.
Major Resistance Levels – $57,650, and $58,000.
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2024-09-04 06:05