Bitcoin Price Trims Gains: Is the Rally Losing Steam?
12 August 2024 - 5:40AM
NEWSBTC
Bitcoin price started a downside correction from the $62,700
resistance zone. BTC is now consolidating near $58,500 and
struggling to recover. Bitcoin started a decent downward move below
the $61,500 and $60,000 levels. The price is trading below $60,000
and the 100 hourly Simple moving average. There was a break below a
key bullish trend line with support at $61,000 on the hourly chart
of the BTC/USD pair (data feed from Kraken). The pair might decline
further if it trades below the $58,500 support zone. Bitcoin Price
Holds Support Bitcoin price started a downside correction after it
failed to stay above $62,500. BTC declined below the $61,500 and
$60,000 levels to move into a short-term bearish zone. There was a
break below a key bullish trend line with support at $61,000 on the
hourly chart of the BTC/USD pair. The pair even dipped below the
50% Fib retracement level of the upward move from the $54,556 swing
low to the $62,700 high. Bitcoin price is now trading below $60,000
and the 100 hourly Simple moving average. The bulls are protecting
the $58,500 support zone. The price is stable above the 61.8% Fib
retracement level of the upward move from the $54,556 swing low to
the $62,700 high. On the upside, the price could face resistance
near the $59,500 level. The first key resistance is near the
$60,000 level. A clear move above the $60,000 resistance might send
the price further higher in the coming sessions. The next key
resistance could be $61,200. The next major hurdle sits at $62,500.
A close above the $62,500 resistance might spark bullish moves. In
the stated case, the price could rise and test the $65,000
resistance. More Downsides In BTC? If Bitcoin fails to rise above
the $60,000 resistance zone, it could continue to move down.
Immediate support on the downside is near the $58,500 level. The
first major support is $57,650. The next support is now near the
$57,250 zone. Any more losses might send the price toward the
$55,500 support zone or even $55,000 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 – $58,500,
followed by $57,250. Major Resistance Levels – $59,500, and
$60,000.
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