Bitcoin

Resistance

Bitcoin price is consolidating losses above the $55,000 level. BTC must settle above $58,500 and then $60,000 to start a recovery wave. 
<ul> 
 <li>Bitcoin dipped again and retested the $54,500 support zone.</li> 
 <li>The price is trading below $58,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $57,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might struggle to start a fresh increase above the $58,500 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-faces-hurdles">Bitcoin Price Faces Hurdles</h2> 
Bitcoin price attempted a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-downtrend-54k/" target="_blank" rel="noopener ">recovery wave</a> above the $56,500 level. BTC even climbed above the $57,500 level. However, it failed to continue higher above the $58,200 zone. 
A high was formed at $58,129 and the price started a fresh decline. There was a drop below the $57,000 and $55,500 level. A low has formed near $54,954 and the price is now consolidating losses. There was a minor increase above the 50% Fib retracement level of the downward move from the $58,129 swing high to the $54,954 low. 
Bitcoin price is still trading below $57,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-turns-red-55k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance on the upside is near the $57,250 level or the 76.4% Fib retracement level of the downward move from the $58,129 swing high to the $54,954 low. 
The first key resistance is near the $57,650 level. There is also a connecting bearish trend line forming with resistance at $57,650 on the hourly chart of the BTC/USD pair. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_4ac8c6.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-628489 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_4ac8c6.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_4ac8c6.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_4ac8c6.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_4ac8c6.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_4ac8c6.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_4ac8c6.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_4ac8c6.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_4ac8c6.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the trend line might send the price toward the $58,200 level. The next key resistance could be $58,500. A close above the $58,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $60,000 resistance. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to climb above the $57,650 resistance zone, it could start another decline. Immediate support on the downside is near the $56,000 level. 
The first major support is $55,500. The next support is now near $54,500. Any more losses might send the price toward the $5,200 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $55,500, followed by $54,500. 
Major Resistance Levels – $57,650, and $58,500.

Bitcoin Price Stabilizes After Losses: Can Bulls Overcome Resistance for a Recovery?

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