Bitcoin Price Stabilizes After Losses: Can Bulls Overcome Resistance for a Recovery?
July 08 2024 - 10:51PM
NEWSBTC
Bitcoin price is consolidating losses above the $55,000 level. BTC
must settle above $58,500 and then $60,000 to start a recovery
wave. 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 Bitcoin price attempted a recovery wave above the $56,500
level. BTC even climbed above the $57,500 level. However, it failed
to continue higher above the $58,200 zone. A high was formed at
$58,129 and the price started a fresh decline. There was a drop
below the $57,000 and $55,500 level. A low has formed near $54,954
and the price is now consolidating losses. There was a minor
increase above the 50% Fib retracement level of the downward move
from the $58,129 swing high to the $54,954 low. Bitcoin price is
still trading below $57,500 and the 100 hourly Simple moving
average. Immediate resistance on the upside is near the $57,250
level or the 76.4% Fib retracement level of the downward move from
the $58,129 swing high to the $54,954 low. The first key resistance
is near the $57,650 level. There is also a connecting bearish trend
line forming with resistance at $57,650 on the hourly chart of the
BTC/USD pair. A clear move above the trend line might send the
price toward the $58,200 level. The next key resistance could be
$58,500. A close above the $58,500 resistance might start a steady
increase and send the price higher. In the stated case, the price
could rise and test the $60,000 resistance. Another Decline In BTC?
If Bitcoin fails to climb above the $57,650 resistance zone, it
could start another decline. Immediate support on the downside is
near the $56,000 level. The first major support is $55,500. The
next support is now near $54,500. Any more losses might send the
price toward the $5,200 support zone in the near 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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