Bitcoin Price Plunge Deepens: What Could Prevent a Recovery?
04 Agosto 2024 - 11:29PM
NEWSBTC
Bitcoin price declined further below the $55,000 support zone. BTC
is down over 15% and might even slide toward the $50,000 zone.
Bitcoin gained bearish momentum below the $56,500 and $55,000
support levels. The price is trading below $55,000 and the 100
hourly Simple moving average. There is a connecting bearish trend
line forming with resistance at $56,700 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair might start a decent
recovery wave if it clears the $58,000 resistance zone. Bitcoin
Price Nosedives Bitcoin price extended losses below the $56,500
support zone. BTC even traded below the $55,000 and $54,500 levels.
A low is formed near $52,430 and the price is now consolidating
losses. It recovered above the $53,500 level and tested the 23.6%
Fib retracement level of the downward move from the $61,040 swing
high to the $52,430 low. However, the price is now struggling to
clear the $55,000 resistance zone. There is also a connecting
bearish trend line forming with resistance at $56,700 on the hourly
chart of the BTC/USD pair. Bitcoin price is trading below $55,000
and the 100 hourly Simple moving average. On the upside, the price
could face resistance near the $55,500 level. The first key
resistance is near the $56,800 level. A clear move above the
$56,800 resistance might send the price further higher in the
coming sessions. The next key resistance could be $58,000 or the
61.8% Fib retracement level of the downward move from the $61,040
swing high to the $52,430 low. The next major hurdle sits at
$58,800. A close above the $58,800 resistance might spark bullish
moves. In the stated case, the price could rise and test the
$60,000 resistance. More Downsides In BTC? If Bitcoin fails to
recover above the $56,800 resistance zone, it could start another
decline. Immediate support on the downside is near the $53,000
level. The first major support is $52,500. The next support is now
near $52,000. Any more losses might send the price toward the
$50,000 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 30
level. Major Support Levels – $53,000, followed by $52,500. Major
Resistance Levels – $56,800, and $58,000.
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