As an analyst with over a decade of experience in the financial markets, I must say that Bitcoin’s recent price action is reminiscent of a roller coaster ride. After reaching the heights of $58,508, it seems BTC is struggling to maintain its momentum.
The price of Bitcoin dropped and then approached the $55,600 region for potential support. Currently, Bitcoin seems to be encountering difficulties and may encounter obstacles as it approaches the $57,000 barrier that serves as resistance.
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Bitcoin is struggling to recover above the $57,750 zone.
The price is trading below $57,200 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $57,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could struggle to recover above the $57,000 or $57,750 resistance levels in the near term.
Bitcoin Price Dips Again
Initially, Bitcoin’s price made an effort to surge past the $57,500 mark, but it struggled to break through the resistance at $58,500. The bears were particularly strong around this level, causing a high of $58,508. Following this peak, the price dropped again.
As a researcher, I recently observed that the price dipped towards the previously established support zone at approximately $55,600. A minimal drop was noted at $55,601 before the price began to rebound. The price has since surpassed both the $56,000 and $56,200 resistance levels. Furthermore, it has moved beyond the 23.6% Fibonacci retracement level of the downward trend from the $58,508 peak to the $55,601 low.
Currently, Bitcoin’s trading value is under $57,200 and slightly below its 100-hour moving average. As it moves upward, potential obstacles might appear around the $57,000 mark. Additionally, a bearish trend line is forming with resistance at approximately $57,050 on the hourly Bitcoin-to-U.S. dollar chart.
The trend line is almost touching the 50% Fibonacci retracement point during the decline from the peak of $58,508 to the low of $55,601. The initial resistance level can be found around $57,750. If the price manages to break through this resistance, it may potentially rise even more in the upcoming trading periods.
If we surpass $58,500, it could trigger further increases, potentially pushing the price towards the next potential resistance at $60,000 for testing.
Another Decline In BTC?
As a researcher studying cryptocurrency trends, if Bitcoin doesn’t manage to break through the $57,750 resistance point, there’s a potential for another dip in its price. The immediate support level that might halt this decline could be around the $56,000 mark.
Initially, a significant level of backing can be found at approximately $55,600. Currently, another key support area is approaching around the $55,000 region. If there are further losses, the price could potentially trend towards the nearby $53,500 support 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 near the 50 level.
Major Support Levels – $56,000, followed by $55,600.
Major Resistance Levels – $57,050, and $57,750.
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2024-09-06 05:28