Bitcoin Price Battles to Extend Gains: Will It Clear $58K?
September 10 2024 - 10:43PM
NEWSBTC
Bitcoin price started a decent increase above the $56,500
resistance. BTC is now struggling to clear the $58,000 resistance
and is consolidating gains. Bitcoin is attempting a fresh increase
from the $52,500 support zone. The price is trading above $56,500
and the 100 hourly Simple moving average. There is a connecting
bullish trend line forming with support at $56,800 on the hourly
chart of the BTC/USD pair (data feed from Kraken). The pair could
gain pace if it clears the $58,000 and $58,200 resistance levels in
the near term. Bitcoin Price Faces Resistance Bitcoin price started
a decent increase after it broke the $55,000 resistance zone. BTC
was able to climb above the $56,500 resistance. The price even
spiked above the $58,000 resistance zone. The recent swing high was
formed at $58,000 and the price is now consolidating gains. There
was a minor decline below the $57,000 level. The price dipped below
the 23.6% Fib retracement level of the upward move from the $53,643
swing low to the $58,000 high. Bitcoin is now trading above $56,500
and the 100 hourly Simple moving average. There is also a
connecting bullish trend line forming with support at $56,800 on
the hourly chart of the BTC/USD pair. On the upside, the price
could face resistance near the $57,500 level. The first key
resistance is near the $58,000 level. A clear move above the
$58,000 resistance might start a steady increase in the coming
sessions. The next key resistance could be $58,800. A close above
the $58,800 resistance might spark more upsides. In the stated
case, the price could rise and test the $60,000 resistance. Another
Decline In BTC? If Bitcoin fails to rise above the $57,500
resistance zone, it could start another decline. Immediate support
on the downside is near the $56,800 level and the trend line. The
first major support is $55,300 or the 61.8% Fib retracement level
of the upward move from the $53,643 swing low to the $58,000 high.
The next support is now near the $54,200 zone. Any more losses
might send the price toward the $53,500 support in the near term.
Technical indicators: Hourly MACD – The MACD is now losing pace in
the bullish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now below the 50 level. Major Support Levels –
$56,800, followed by $55,300. Major Resistance Levels – $57,500,
and $58,000.
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