Bitcoin Price Targets Recovery: Will It Surpass the $60K Mark?
09 Julio 2024 - 9:43PM
NEWSBTC
Bitcoin price is slowly moving higher above the $56,500 level. BTC
might gain bullish momentum if it clears the $58,500 resistance
zone. Bitcoin started a recovery wave above the $56,500 and $57,000
levels. The price is trading above $57,000 and the 100 hourly
Simple moving average. There is a connecting bullish trend line
forming with support at $57,200 on the hourly chart of the BTC/USD
pair (data feed from Kraken). The pair might start a fresh increase
above the $58,500 resistance zone. Bitcoin Price Aims Higher
Bitcoin price started a recovery wave above the $56,500 level. BTC
even climbed above the $57,500 level. However, the bears are again
active near the $58,500 resistance zone. A high was formed at
$58,200 and the price is now consolidating in a range. It also
tested the 23.6% Fib retracement level of the upward move from the
$54,955 swing low to the $58,200 high. The bulls seem to be active
above the $57,000 level. Bitcoin price is now trading above $57,200
and the 100 hourly Simple moving average. There is also a
connecting bullish trend line forming with support at $57,200 on
the hourly chart of the BTC/USD pair. Immediate resistance on the
upside is near the $58,200 level. The first key resistance is near
the $58,500 level. A clear move above the $58,500 resistance might
start a decent increase in the coming sessions. The next key
resistance could be $59,200. A close above the $59,200 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.
Any more gains might be difficult. Another Decline In BTC? If
Bitcoin fails to climb above the $58,500 resistance zone, it could
start another decline. Immediate support on the downside is near
the $57,400 level. The first major support is $57,200 and the trend
line. The next support is now near $56,200 and the 61.8% Fib
retracement level of the upward move from the $54,955 swing low to
the $58,200 high. Any more losses might send the price toward the
$55,000 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 – $57,200, followed by $56,200. Major
Resistance Levels – $58,200, and $58,500.
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