As a researcher with extensive experience in cryptocurrency markets, I believe that Bitcoin’s price is currently consolidating losses above the $55,000 level. The digital asset must settle above $58,500 and then $60,000 to start a recovery wave. However, the current technical analysis suggests otherwise.
The price of Bitcoin is currently holding steady above the $55,000 mark after experiencing losses. In order for Bitcoin to begin recovering, it needs to surpass resistance levels at $58,500 and then $60,000.
- Bitcoin dipped again and retested the $54,500 support zone.
The price is trading below $58,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $57,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might struggle to start a fresh increase above the $58,500 resistance zone.
Bitcoin Price Faces Hurdles
As a researcher studying Bitcoin’s price movements, I observed an attempt at recovery where Bitcoin’s value surpassed the $56,500 mark. In fact, it went even further and reached above the $57,500 threshold. Yet, despite this progression, Bitcoin was unable to sustain a rally beyond the significant resistance level of $58,200.
At a peak of $58,129, a new downtrend began and the price dipped below key support levels at $57,000 and $55,500. A low was reached around $54,954, and currently, the market is in the process of regaining some ground. There was a slight surge above the 50% Fibonacci retracement level following the downward trend from the $58,129 high to the $54,954 low.
The price of Bitcoin remains below the $57,500 mark and the 100-hour moving average. The next resistance point for Bitcoin is around $57,250 or the 76.4% Fibonacci retracement level of the price drop from its peak of $58,129 to its low of $54,954.
On the hourly chart for the BTC/USD pair, there’s a significant resistance level close by at $57,650. Additionally, a downtrend line is taking shape and intersecting with this resistance.
If the price makes a clean break above the trendline, it may surge toward the $58,200 mark. The next significant barrier lies at $58,500. Overcoming this resistance could trigger a steady climb, potentially pushing the price up to $60,000. In such a scenario, the price might challenge the $60,000 resistance level.
Another Decline In BTC?
Should Bitcoin be unable to surpass the $57,650 mark of resistance, there’s a risk of another price drop. The nearest support lies around the $56,000 region.
In simpler terms, the price has significant resistance at the $55,500 mark for the first time. The second line of defense is currently around $54,500. If the price continues to drop, it could potentially fall towards the $5,200 support level in the short term.
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 above the 50 level.
Major Support Levels – $55,500, followed by $54,500.
Major Resistance Levels – $57,650, and $58,500.
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2024-07-09 06:06