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19/08/24
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Bitcoin Faces Bearish Pressure Below $59K: Key Supports and Resistance Ahead
Bitcoin has embarked on a notable decline after encountering resistance near the $60,000 price level. The cryptocurrency is currently trading below the $58,800 level and the 100-hour Simple Moving Average, suggesting bearish momentum. A significant break occurred beneath a bullish trend line, which had previously provided support at $59,700, as indicated by the BTC/USD hourly chart.
The recent price action for Bitcoin initiated a downward movement after it reached a peak close to $60,200, struggling to maintain momentum above the critical $60,000 resistance level. Following this peak, Bitcoin fell below the $58,500 support and continued its descent, crossing below the 23.6% Fibonacci retracement level, stemming from a local low of $56,117 to the peak of $60,210. While retesting the $58,000 support in its recent movement, Bitcoin’s price now sits beneath $59,000.
Should Bitcoin maintain its position above the $57,650 support zone, it could potentially attempt to rebound. However, the initial resistance on the upside is marked at $58,800, with a more significant hurdle at $59,500. A breakthrough above $59,500 may set the stage for further gains, with the next resistance target being $60,000. A decisive close above this level could signal the possibility of an upward movement towards $61,500.
Conversely, if Bitcoin is unable to surpass the $58,800 resistance, the coin may continue its downward trajectory. Immediate support stands at around $58,000, followed by more substantial support levels at $57,650 and $57,000. If further declines occur, Bitcoin could approach the $55,500 support zone or potentially drop to the $55,000 level in the near future.
Technical indicators reveal an increasingly bearish scenario, with the MACD reflecting negative momentum and the RSI falling below the neutral level of 50.
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