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Home Market & Analysis

Bitcoin Price Tests Support: Will It Bounce Back Stronger?

n70products by n70products
August 16, 2024
in Market & Analysis
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Bitcoin worth didn’t clear the $61,500 resistance zone. BTC is now retesting the $58,000 assist and may try a contemporary improve.

  • Bitcoin began a contemporary decline from the $61,500 resistance zone.
  • The value is buying and selling under $60,000 and the 100 hourly Easy shifting common.
  • There was a break under a key bullish development line with assist at $59,250 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may try a contemporary improve if it stays above the $58,000 zone.

Bitcoin Worth Holds Assist

Bitcoin worth didn’t settle above the $61,500 resistance zone. BTC shaped a short-term high and began a contemporary decline under the $60,500 degree. There was a transfer under the $60,000 and $59,000 ranges.

Moreover, there was a break under a key bullish development line with assist at $59,250 on the hourly chart of the BTC/USD pair. The pair retested the $58,000 assist zone. A low is shaped at $58,061 and the value is now consolidating losses.

Bitcoin worth is now buying and selling under $60,000 and the 100 hourly Simple moving average. On the upside, the value might face resistance close to the $58,800 degree. It’s near the 23.6% Fib retracement degree of the downward transfer from the $61,438 swing excessive to the $58,061 low.

The primary key resistance is close to the $59,500 degree or the 50% Fib retracement degree of the downward transfer from the $61,438 swing excessive to the $58,061 low A transparent transfer above the $59,500 resistance may ship the value additional increased within the coming periods. The subsequent key resistance may very well be $60,000.

Bitcoin Price

The subsequent main hurdle sits at $61,500. An in depth above the $61,500 resistance may spark extra upsides. Within the said case, the value might rise and take a look at the $63,500 resistance.

Extra Losses In BTC?

If Bitcoin fails to rise above the $58,800 resistance zone, it might proceed to maneuver down. Quick assist on the draw back is close to the $58,000 degree.

The primary main assist is $57,650. The subsequent assist is now close to the $56,500 zone. Any extra losses may ship the value towards the $55,500 assist zone and even $55,000 within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now under the 50 degree.

Main Assist Ranges – $58,000, adopted by $57,650.

Main Resistance Ranges – $58,800, and $59,500.



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Tags: BitcoinBouncePriceStrongerSupportTests
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