{"id":2158,"date":"2024-08-30T02:40:37","date_gmt":"2024-08-30T02:40:37","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=2158"},"modified":"2024-08-30T02:40:37","modified_gmt":"2024-08-30T02:40:37","slug":"bitcoin-price-retains-support-is-a-bounce-back-on-the-horizon","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=2158","title":{"rendered":"Bitcoin Price Retains Support: Is a Bounce Back on the Horizon?"},"content":{"rendered":"

Bitcoin price remained stable above the $58,500 support zone. BTC is struggling and could only start a steady increase if it clears $61,500.<\/em><\/p>\n

Bitcoin is struggling to rise above the $60,200 and $61,500 resistance levels.
\nThe price is trading below $61,000 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support at $58,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might extend losses if it fails to stay above the $58,500 support.<\/p>\n

Bitcoin Price Stuck In A Range<\/h2>\n

Bitcoin price remained stable<\/a> above the $58,000 and $58,500 support levels. A base was formed, and the price attempted a recovery wave above the $59,500 level. However, the bears were active near the $61,200 level.<\/p>\n

There was a fresh decline, and the price retested the $58,800 support. A low was formed at $58,717 and the price is now consolidating losses. It is stuck near the 23.6% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low.<\/p>\n

Bitcoin is now trading below $61,000 and the 100 hourly Simple moving average<\/a>. There is also a connecting bullish trend line forming with support at $58,800 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, the price could face resistance near the $59,650 level. The first key resistance is near the $60,200 level. It is near the 61.8% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low.<\/p>\n

<\/a><\/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 $61,200. A close above the $61,200 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 start another decline. Immediate support on the downside is near the $58,800 level and the trend line.<\/p>\n

The first major support is $58,500. The next support is now near the $58,000 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 $58,800, followed by $58,000.<\/p>\n

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

Bitcoin price remained stable above the $58,500 support zone. BTC is struggling and could only start a steady increase if it clears $61,500. Bitcoin is struggling to rise above the $60,200 and $61,500 resistance levels. The price is trading below $61,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line […]<\/p>\n","protected":false},"author":0,"featured_media":2159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2158","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\/2158"}],"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=2158"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2158\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2159"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}