bullish

Bitcoin

Resistance

Bitcoin price started a recovery wave after it crashed below $50,000. BTC is back above $55,000 and faces many hurdles near the $58,000 zone. 
<ul> 
 <li>Bitcoin started a recovery wave above the $52,500 and $55,000 levels.</li> 
 <li>The price is trading below $58,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a connecting bearish trend line with resistance at $55,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might struggle to clear the $58,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-starts-recovery-wave">Bitcoin Price Starts Recovery Wave</h2> 
Bitcoin price <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-53k/" target="_blank" rel="noopener ">extended losses</a> below the $52,500 support zone. BTC even traded below the $51,100 and $50,000 levels. A low was formed near $49,111 and the price recently started a recovery wave. 
It recovered above the $52,500 level and tested the 50% Fib retracement level of the downward move from the $61,040 swing high to the $49,111 low. There was a break above a connecting bearish trend line with resistance at $55,100 on the hourly chart of the BTC/USD pair. 
Bitcoin price is still trading below $58,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-gains-65k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, the price could face resistance near the $56,500 level. It is near the 61.8% Fib retracement level of the downward move from the $61,040 swing high to the $49,111 low. 
The first key resistance is near the $58,250 level. A clear move above the $58,250 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,800. <a href="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_d1c38b.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-633337 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_d1c38b.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_d1c38b.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_d1c38b.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_d1c38b.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_d1c38b.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_d1c38b.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_d1c38b.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_d1c38b.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next major hurdle sits at $60,000. A close above the $60,000 resistance might spark bullish moves. In the stated case, the price could rise and test the $62,000 resistance. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to recover above the $58,000 resistance zone, it could start another decline. Immediate support on the downside is near the $55,000 level. 
The first major support is $53,500. The next support is now near $52,000. Any more losses might send the price toward the $50,000 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $55,000, followed by $53,500. 
Major Resistance Levels – $56,500, and $58,000.

Bitcoin Price Bounce Back: Could the Recovery Lose Momentum?

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