Bitcoin

Resistance

Bitcoin price struggled to clear the $59,500 level. BTC is moving lower and now at risk of more downsides toward the $56,000 level. 
<ul> 
 <li>Bitcoin started another decline from the $59,475 resistance zone.</li> 
 <li>The price is trading above $57,200 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a key bullish trend line with support at $57,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might start another major decline if it fails to stay above the $57,200 support.</li> 
</ul> 
<h2 id="bitcoin-price-faces-trouble">Bitcoin Price Faces Trouble</h2> 
Bitcoin price extended its <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-targets-recovery-60k/" target="_blank" rel="noopener ">recovery wave</a> above the $57,500 level. BTC even climbed above the $58,500 level. However, the bears are active near the $59,500 resistance zone. 
A high was formed at $59,474 and the price is now correcting gains. There was a move below the $58,500 level. The price tested the 50% Fib retracement level of the upward move from the $54,955 swing low to the $59,474 high. Besides, there was a break below a key bullish trend line with support at $57,900 on the hourly chart of the BTC/USD pair. 
The bulls seem to be active above the $57,200 level. Bitcoin price is now trading above $57,200 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stabilizes-55k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance on the upside is near the $58,400 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_0cb7a1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-629119 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_0cb7a1.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_0cb7a1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_0cb7a1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_0cb7a1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_0cb7a1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_0cb7a1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_0cb7a1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_0cb7a1.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first key resistance is near the $58,800 level. A clear move above the $58,800 resistance might start a decent increase in the coming sessions. The next key resistance could be $59,500. The next major hurdle sits at $60,000. A close above the $60,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,500 resistance. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $58,400 resistance zone, it could start another decline. Immediate support on the downside is near the $57,200 level. 
The first major support is $56,000 and the 76.4% Fib retracement level of the upward move from the $54,955 swing low to the $59,474 high. The next support is now near $55,000. Any more losses might send the price toward the $53,500 support zone 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 above the 50 level. 
Major Support Levels – $57,200, followed by $56,000. 
Major Resistance Levels – $58,400, and $59,500.

Bitcoin Price Hit By Rejection: Will Bulls Stumble Once More?

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NewsBTC

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