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17/09/24
104
Bitcoin Faces Bearish Pressure: Struggles Below Key Support Levels
Bitcoin has recently encountered challenges in maintaining upward momentum, struggling to surpass the resistance level at $60,650. This has led to a notable decline, with the current value dipping below the critical support zone of $57,500. Presently, Bitcoin is exhibiting a bearish trend, testing lower levels around $59,000.
Currently trading below $58,500, Bitcoin has also fallen under the influence of the 100-hour simple moving average. Technical analysis reveals a bearish trend line with resistance positioned at $58,000 on the hourly chart for the BTC/USD trading pair. Despite these headwinds, there is potential for recovery if Bitcoin manages to hold above the $57,500 support level.
The recent correction commenced after Bitcoin failed to breach the $60,000 resistance level, leading to a significant retracement. The price has descended below the 50% Fibonacci retracement of its prior ascent, drawing nearer to the $57,500 support area. The ongoing pressure is further evidenced by trading below the $58,500 level. At this point, the price is also testing the 61.8% Fibonacci retracement level of the upward trend from the $55,550 swing low.
Should Bitcoin rebound, it faces immediate resistance near the $58,000 level and further at the $59,200 level, where it also intersects with the 100-hour moving average. A decisive move beyond $59,200 might lead to a more significant upward trajectory, potentially pushing toward the $60,000 range, where further gains could result in testing the critical $60,650 resistance.
On the downside, a failure to regain the $58,000 level could result in additional declines, with immediate support at $57,500. If pressures continue, major support levels are seen at $56,750, followed by $56,250, with the risk of dropping further toward $55,550 if the bearish trend ensues. Technical indicators suggest a strengthening bearish momentum, as indicated by the MACD and RSI readings.
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