Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?
04 Juli 2024 - 4:51AM
NEWSBTC
Bitcoin price failed to start a fresh increase above the $62,850
resistance zone. BTC started another decline and tumbled 5% to test
$58,000. Bitcoin started a fresh decline and traded below the
$60,000 zone. The price is trading below $61,500 and the 100 hourly
Simple moving average. There is a connecting bearish trend line
forming with resistance at $60,000 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair might struggle to
start a fresh increase above the $60,850 resistance zone. Bitcoin
Price Dives 5% Bitcoin price struggled to start a decent recovery
wave above the $62,850 resistance level. The bears took control and
pushed BTC below the $61,200 support zone. There was a sharp
decline below the $60,000 level. The price declined 5% and even
spiked below the $58,000 level. A low was formed at $57,890 and the
price is now consolidating losses. There was a minor increase above
the $58,500 level and approaching the 23.6% Fib retracement level
of the downward move from the $63,798 swing high to the $57,890
low. Bitcoin price is now trading below $61,500 and the 100 hourly
Simple moving average. There is also a connecting bearish trend
line forming with resistance at $60,000 on the hourly chart of the
BTC/USD pair. If there is a decent increase, the price could face
resistance near the $60,000 level and the trend line. The first key
resistance is near the $60,850 level and the 50% Fib retracement
level of the downward move from the $63,798 swing high to the
$57,890 low. The next key resistance could be $61,500. A clear move
above the $61,500 resistance might start a steady increase and send
the price higher. In the stated case, the price could rise and test
the $62,250 resistance. Any more gains might send BTC toward the
$63,500 resistance in the near term. More Losses In BTC? If Bitcoin
fails to climb above the $60,000 resistance zone, it could continue
to move down. Immediate support on the downside is near the $58,250
level. The first major support is $58,000. The next support is now
forming near $57,800. Any more losses might send the price toward
the $56,500 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 – $58,250, followed by
$58,000. Major Resistance Levels – $59,250, and $60,000.
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