Cryptocurrency

bullish

Bitcoin

Higher

Gains

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-bulls-aim-for-higher-gains-above-57500/" data-wpel-link="internal">Bitcoin Bulls Aim for Higher Gains Above $57,500</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/exploring-bitcoins-potential-to-reach-160000/" data-wpel-link="internal">Bitcoin</a></strong> initiated a recovery wave above the $53,500 resistance zone. BTC surpassed the $55,500 and $56,500 resistance levels, moving into a short-term positive zone. The move above the key 61.8% Fib retracement level of the drop from $61,040 to $49,110 was significant. Additionally, a downtrend line was broken above the $56,850 resistance on the hourly chart of the BTC/USD pair.</p> 
<h2 style="text-align: justify" id="what-will-bitcoin-bulls-do-now">What Will Bitcoin Bulls Do Now?</h2> 
<p style="text-align: justify">Bulls are now attempting further upward movement above the $57,500 level. Bitcoin is trading above the $57,000 level and the 100-hour simple moving average. On the upside, the price may face resistance near the $58,250 level. This level is close to the 76.4% Fib retracement level of the drop from $61,040 to $49,110.</p> 
<p style="text-align: justify">The first major resistance is positioned near the $58,800 level. A clear move above this resistance could push the price further up in the coming sessions. The next major resistance could be $59,500. The main hurdle is located at the $60,000 level. A close above the $60,000 resistance could trigger bullish movements. In this case, the price might test the $62,000 resistance.</p> 
<h2 style="text-align: justify" id="is-a-new-drop-possible-for-btc">Is a New Drop Possible for BTC?</h2> 
<p style="text-align: justify">If Bitcoin fails to surpass the $58,250 resistance zone, a new decline could start. Immediate support on the downside is at the $56,400 level and the 100-hour SMA. The first major support is at $54,500, and the next support is at $53,500. Further losses could send the price towards the $52,000 support zone in the short term.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-377904 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/BTCUSD_2024-08-08_06-12-48.png" alt="" width="1814" height="798"></p> 
<p style="text-align: justify">The hourly MACD for Bitcoin is gaining pace in the bullish zone. The hourly RSI for <strong>BTC/USD</strong> is above the 50 level. Key support levels are $56,400 and then $54,500. Key resistance levels are $58,250 and $58,800.</p> 
<p style="text-align: justify">If Bitcoin surpasses the current resistance levels, it could continue its rise towards the $60,000 level. However, a failed recovery could trigger a new wave of decline. Cryptocurrency <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> should closely monitor these critical levels. At the time of writing, the flagship cryptocurrency Bitcoin is trading at $57,426. A slight recovery in BTC could be a lifeline for cryptocurrencies.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-bulls-aim-for-higher-gains-above-57500/" data-wpel-link="internal">Bitcoin Bulls Aim for Higher Gains Above $57,500</a></h5>
<p>The post <a href="https://en.coin-turk.com/bitcoin-bulls-aim-for-higher-gains-above-57500/" data-wpel-link="internal">Bitcoin Bulls Aim for Higher Gains Above $57,500</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Bitcoin Bulls Aim for Higher Gains Above $57,500

Table of Contents

COINTURK NEWS

Other articles published on Aug 8, 2024

YAWN Token Launches with Ambitious Ecosystem and E-Commerce Integration

Analyst Predicts Bitcoin’s Positive Outlook After Recent Low

The IMF and El Salvador Close to an Agreement on Bitcoin!

$4WIN Skyrockets to $8 Million Market Cap in Record Time – The Next Big PolitiFi Memecoin?

Shiba Inu’s Quick Bite: Can It Rally 22% in the Short Term?

Donald Trump Launches Bitcoin-Themed Sneakers, Quickly Sell Out

Join our free newsletter for daily crypto updates!