Bitcoin Price Hit By Rejection: Will Bulls Stumble Once More?
2024年7月11日 - 11:38AM
NEWSBTC
Bitcoin price struggled to clear the $59,500 level. BTC is moving
lower and now at risk of more downsides toward the $56,000 level.
Bitcoin started another decline from the $59,475 resistance zone.
The price is trading above $57,200 and the 100 hourly Simple moving
average. There was a break below a key bullish trend line with
support at $57,900 on the hourly chart of the BTC/USD pair (data
feed from Kraken). The pair might start another major decline if it
fails to stay above the $57,200 support. Bitcoin Price Faces
Trouble Bitcoin price extended its recovery wave above the $57,500
level. BTC even climbed above the $58,500 level. However, the bears
are active near the $59,500 resistance zone. A high was formed at
$59,474 and the price is now correcting gains. There was a move
below the $58,500 level. The price tested the 50% Fib retracement
level of the upward move from the $54,955 swing low to the $59,474
high. Besides, there was a break below a key bullish trend line
with support at $57,900 on the hourly chart of the BTC/USD pair.
The bulls seem to be active above the $57,200 level. Bitcoin price
is now trading above $57,200 and the 100 hourly Simple moving
average. Immediate resistance on the upside is near the $58,400
level. The first key resistance is near the $58,800 level. A clear
move above the $58,800 resistance might start a decent increase in
the coming sessions. The next key resistance could be $59,500. The
next major hurdle sits at $60,000. A close above the $60,000
resistance might start a steady increase and send the price higher.
In the stated case, the price could rise and test the $62,500
resistance. More Losses In BTC? If Bitcoin fails to climb above the
$58,400 resistance zone, it could start another decline. Immediate
support on the downside is near the $57,200 level. The first major
support is $56,000 and the 76.4% Fib retracement level of the
upward move from the $54,955 swing low to the $59,474 high. The
next support is now near $55,000. Any more losses might send the
price toward the $53,500 support zone in the near term. Technical
indicators: Hourly MACD – The MACD is now losing pace in the
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now above the 50 level. Major Support Levels – $57,200,
followed by $56,000. Major Resistance Levels – $58,400, and
$59,500.
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