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

Started by Bitcoin, Jul 09, 2024, 06:30 am

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

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.



  • Bitcoin dipped again and retested the $54,500 support zone.

  • The price is trading below $58,500 and the 100 hourly Simple moving average.

  • 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).

  • The pair might struggle to start a fresh increase above the $58,500 resistance zone.


Bitcoin Price Faces Hurdles


Bitcoin price attempted a recovery wave 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 100 hourly Simple moving average. 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.


Bitcoin Price

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.


Another Decline In BTC?


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.


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