Bitcoin Price Downtrend Continues: Brace for More Losses
2024年7月8日 - 12:18PM
NEWSBTC
Bitcoin price failed to start a recovery wave above the $58,500
resistance zone. BTC started another decline and might extend
losses below $54,000. Bitcoin started a fresh decline and traded
below the $56,500 zone. The price is trading below $56,500 and the
100 hourly Simple moving average. There is a connecting bearish
trend line forming with resistance at $56,350 on the hourly chart
of the BTC/USD pair (data feed from Kraken). The pair might
struggle to start a fresh increase above the $58,000 resistance
zone. Bitcoin Price Turns Red Bitcoin price started a recovery wave
above the $57,000 level. BTC even climbed above the $58,000 level.
However, the bears were active near the $58,500 resistance zone. A
high was formed at $58,396 and the price started a fresh decline.
There was a drop below the $57,000 and $56,500 level. A low has
formed near $54,301 and the price is now consolidating losses.
There was a minor increase toward the 23.6% Fib retracement level
of the downward move from the $58,396 swing high to the $54,301
low. Bitcoin price is still trading below $56,500 and the 100
hourly Simple moving average. Immediate resistance on the upside is
near the $56,000 level. The first key resistance is near the
$56,400 level. There is also a connecting bearish trend line
forming with resistance at $56,350 on the hourly chart of the
BTC/USD pair. The trend line is near the 50% Fib retracement level
of the downward move from the $58,396 swing high to the $54,301
low. A clear move above the trend line might send the price toward
the $57,400 level. The next key resistance could be $58,400. A
close above the $58,40 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 in the coming sessions. More Losses In
BTC? If Bitcoin fails to climb above the $56,400 resistance zone,
it could continue to move down. Immediate support on the downside
is near the $54,400 level. The first major support is $53,650. The
next support is now forming near $53,200. Any more losses might
send the price toward the $52,000 support zone in the near 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 –
$54,400, followed by $53,500. Major Resistance Levels – $56,400,
and $58,400.
Bitcoin (COIN:BTCUSD)
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