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02/09/24
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Bitcoin Struggles Below $58,500: Bearish Trends Intensify
Bitcoin’s recent performance shows a notable decline, as its price has fallen below the crucial $58,500 support level. The cryptocurrency is currently facing downward pressure, with the potential to dip further towards the $55,000 level if it does not manage to stabilize.
At present, Bitcoin is trading under the $60,000 threshold and remains below the 100-hourly Simple Moving Average. As it struggles, a bearish trend line has been established, indicating resistance at around $58,400 on the hourly chart. If the price fails to maintain itself above the $57,200 support level, it risks extending its losses even further.
The recent downward trajectory saw Bitcoin create a low of $57,124, after which a brief consolidation of losses occurred. Although there was a slight recovery, the price remained significantly below the 23.6% Fibonacci retracement level of the decline from the recent high of $60,954 to the noted low. Upside resistance could emerge near the $58,000 level, with the critical hurdle identified at $58,400. Should Bitcoin successfully break above this resistance, a further increase in value may be anticipated in subsequent trading sessions.
If Bitcoin’s price continues to be constrained by the $58,400 resistance, a fresh decline might begin. The immediate downside support is near the $57,200 level, followed by crucial support at $56,500 and lower at $56,200. More substantial losses could push the price towards the $55,000 support level in the near term.
Current technical indicators signal a bearish trend, with the MACD showing downward momentum and the Relative Strength Index indicating weakness below the neutral zone of 50.
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