{"id":1861,"date":"2024-08-29T02:48:44","date_gmt":"2024-08-29T02:48:44","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1861"},"modified":"2024-08-29T02:48:44","modified_gmt":"2024-08-29T02:48:44","slug":"bitcoin-price-holds-in-range-can-bulls-launch-a-recovery","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1861","title":{"rendered":"Bitcoin Price Holds in Range: Can Bulls Launch a Recovery?"},"content":{"rendered":"

Bitcoin price started a consolidation phase near the $58,500 level. BTC must clear the $60,500 resistance to start a recovery wave in the near term.<\/em><\/p>\n

Bitcoin tested the $58,000 zone before there was a minor recovery.
\nThe price is trading below $62,000 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance at $60,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might slip again if there is no move above the $60,500 resistance.<\/p>\n

Bitcoin Price Starts Consolidation<\/h2>\n

Bitcoin price gained bearish momentum<\/a> below the $62,500 level. The price even dived below the $60,000 level. Finally, the bulls appeared near the $58,000 level.<\/p>\n

A low was formed at $58,009 and the price is now consolidating losses. There was a minor recovery wave above the $58,500 and $58,800 levels. The price tested the 23.6% Fib retracement level of the downward wave from the $65,070 swing high to the $58,009 low.<\/p>\n

Bitcoin is now trading below $61,200 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $59,650 level. The first key resistance is near the $60,000 level. There is also a major bearish trend line forming with resistance at $60,200 on the hourly chart of the BTC\/USD pair.<\/p>\n

A clear move above the $60,200 resistance might send the price further higher in the coming sessions. The next key resistance could be $61,500. It is close to the 50% Fib retracement level of the downward wave from the $65,070 swing high to the $58,009 low.<\/p>\n

<\/a><\/p>\n

A close above the $61,500 resistance might spark more upsides. In the stated case, the price could rise and test the $62,500 resistance.<\/p>\n

More Downsides In BTC?<\/h2>\n

If Bitcoin fails to rise above the $60,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,550 level.<\/p>\n

The first major support is $58,000. The next support is now near the $57,650 zone. Any more losses might send the price toward the $56,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $58,550, followed by $58,000.<\/p>\n

Major Resistance Levels \u2013 $60,200, and $61,500.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started a consolidation phase near the $58,500 level. BTC must clear the $60,500 resistance to start a recovery wave in the near term. Bitcoin tested the $58,000 zone before there was a minor recovery. The price is trading below $62,000 and the 100 hourly Simple moving average. There is a major bearish trend […]<\/p>\n","protected":false},"author":0,"featured_media":1862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1861"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1861"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1861\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1862"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}