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Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?

Started by Bitcoin, Jul 04, 2024, 07:30 am

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Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?

Bitcoin price failed to start a fresh increase above the $62,850 resistance zone. BTC started another decline and tumbled 5% to test $58,000.



  • Bitcoin started a fresh decline and traded below the $60,000 zone.

  • The price is trading below $61,500 and the 100 hourly Simple moving average.

  • There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair might struggle to start a fresh increase above the $60,850 resistance zone.


Bitcoin Price Dives 5%


Bitcoin price struggled to start a decent recovery wave above the $62,850 resistance level. The bears took control and pushed BTC below the $61,200 support zone. There was a sharp decline below the $60,000 level.


The price declined 5% and even spiked below the $58,000 level. A low was formed at $57,890 and the price is now consolidating losses. There was a minor increase above the $58,500 level and approaching the 23.6% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low.


Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair.


If there is a decent increase, the price could face resistance near the $60,000 level and the trend line. The first key resistance is near the $60,850 level and the 50% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low.


Bitcoin Price

The next key resistance could be $61,500. A clear move above the $61,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,250 resistance. Any more gains might send BTC toward the $63,500 resistance in the near term.


More Losses In BTC?


If Bitcoin fails to climb above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,250 level.


The first major support is $58,000. The next support is now forming near $57,800. Any more losses might send the price toward the $56,500 support zone in the near term.


Technical indicators:


Hourly MACD - The MACD is now gaining pace in the bearish zone.


Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now below the 50 level.


Major Support Levels - $58,250, followed by $58,000.


Major Resistance Levels - $59,250, and $60,000.


Source: Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?