Bitcoin Price Turns Red: Risk of More Losses as $55K Test Looms
05 Juli 2024 - 4:47AM
NEWSBTC
Bitcoin price failed to start a recovery wave above the $61,500
resistance zone. BTC started another decline and might dive toward
$55,000. Bitcoin started a fresh decline and traded below the
$58,500 zone. The price is trading below $60,000 and the 100 hourly
Simple moving average. There is a key bearish trend line forming
with resistance at $58,350 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair might struggle to start a fresh
increase above the $60,000 resistance zone. Bitcoin Price Extends
Losses Bitcoin price struggled to start a decent recovery wave
above the $61,500 resistance level. The bears remained in action
and pushed BTC below the $60,000 support zone. There was a sharp
decline below the $58,500 level. The price even spiked below the
$57,000 level. A low was formed at $56,650 and the price is now
consolidating losses. It seems like the bulls are struggling to
start a recovery wave from the $56,650 level as the price is now
well below the 23.6% Fib retracement level of the downward move
from the $63,800 swing high to the $56,650 low. Bitcoin price is
now trading below $60,000 and the 100 hourly Simple moving average.
There is also a key bearish trend line forming with resistance at
$58,350 on the hourly chart of the BTC/USD pair. If there is a
decent increase, the price could face resistance near the $57,500
level. The first key resistance is near the $58,350 level and the
trend line. A clear move above the trend line might send the price
toward the $60,000 level. The next key resistance could be $60,200
and the 50% Fib retracement level of the downward move from the
$63,800 swing high to the $56,650 low. A clear move above the
$60,200 resistance might start a steady increase and send the price
higher. In the stated case, the price could rise and test the
$61,500 resistance. More Losses In BTC? If Bitcoin fails to climb
above the $58,350 resistance zone, it could continue to move down.
Immediate support on the downside is near the $56,650 level. The
first major support is $56,200. The next support is now forming
near $55,800. 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 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 – $56,650, followed by $55,000. Major
Resistance Levels – $58,350, and $60,000.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
Von Jul 2023 bis Jul 2024