As a seasoned crypto investor with over a decade of experience, I’ve seen my fair share of market fluctuations. The recent dip in Bitcoin price is just another reminder that this volatile asset class requires patience and a cool head.
The price of Bitcoin didn’t manage to surpass the barrier at $61,500. At present, it’s testing the support level around $58,000, potentially aiming for another upward move.
- Bitcoin started a fresh decline from the $61,500 resistance zone.
The price is trading below $60,000 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support at $59,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might attempt a fresh increase if it stays above the $58,000 zone.
Bitcoin Price Holds Support
The price of Bitcoin struggled to surpass the barrier at $61,500, instead forming a temporary peak and initiating a downward trend that fell below the $60,500 mark. This decline continued, causing the value to drop below both the $60,000 and $59,000 thresholds.
Additionally, a drop below a notable bullish trendline, which offered assistance at $59,250 on the hourly BTC/USD chart, occurred. The pair revisited the $58,000 support level. A low has been established at $58,061, and currently, the price is experiencing a period of consolidation following the losses.
Currently, Bitcoin’s price is dipping below $60,000 and aligning with its 100-hour Simple Moving Average. However, there’s potential for it to rise, but it might encounter resistance around $58,800. Notably, this level is close to the 23.6% Fibonacci retracement point of the downward trend from the peak at $61,438 to the low at $58,061.
If the price doesn’t surpass the current resistance at around $59,500 (either the level where the first significant resistance is expected or the halfway point of the recent price drop from the high of $61,438 to the low of $58,061), it might not rise much more in the upcoming trading sessions. If it does manage to break this resistance, however, we could see the price moving higher, potentially towards the next resistance level of $60,000.
Overcoming the upcoming challenge lies at approximately $61,500. If we manage to break through this barrier, it may lead to further increases. Should that happen, the price might ascend and attempt to surpass the resistance at $63,500.
More Losses In BTC?
If Bitcoin doesn’t manage to surpass the $58,800 barrier, it might keep falling instead. The lowest point it could reach in case of a fall is approximately $58,000.
Initially, a significant level of support can be found at $57,650. Currently, the next level of potential support is approaching the vicinity of $56,500. If the price continues to decline, it could trend towards the $55,500 or even $55,000 support areas 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 – $58,000, followed by $57,650.
Major Resistance Levels – $58,800, and $59,500.
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2024-08-15 06:11