{"id":2672,"date":"2024-09-02T03:05:57","date_gmt":"2024-09-02T03:05:57","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=2672"},"modified":"2024-09-02T03:05:57","modified_gmt":"2024-09-02T03:05:57","slug":"bitcoin-price-drifts-lower-will-the-grind-continue","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=2672","title":{"rendered":"Bitcoin Price Drifts Lower: Will the Grind Continue?"},"content":{"rendered":"

Bitcoin price extended losses below the $58,500 support zone. BTC is struggling and could continue to move down toward the $55,000 support zone.<\/em><\/p>\n

Bitcoin is gaining pace below the $60,000 support zone.
\nThe price is trading below $59,000 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $58,400 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 $57,200 support.<\/p>\n

Bitcoin Price Extends Losses<\/h2>\n

Bitcoin price started a fresh decline<\/a> and traded below the $60,000 support level. The bears were able to push the price below the $58,500 support levels. BTC even spiked below $57,200.<\/p>\n

A low was formed at $57,124 and the price is now consolidating losses. There was a minor recovery wave, but the price remained well below the 23.6% Fib retracement level of the recent decline from the $60,954 swing high to the $57,124 low.<\/p>\n

Bitcoin is now trading below $60,000 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance at $58,400 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, the price could face resistance near the $58,000 level. The first key resistance is near the $58,400 level and the trend line. A clear move above the $58,400 resistance might send the price further higher in the coming sessions.<\/p>\n

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

The next key resistance could be $59,040 or the 50% Fib retracement level of the recent decline from the $60,954 swing high to the $57,124 low. A close above the $59,040 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance.<\/p>\n

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

If Bitcoin fails to rise above the $58,400 resistance zone, it could start another decline. Immediate support on the downside is near the $57,200 level.<\/p>\n

The first major support is $56,500. The next support is now near the $56,200 zone. Any more losses might send the price toward the $55,000 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $57,200, followed by $56,500.<\/p>\n

Major Resistance Levels \u2013 $58,000, and $58,400.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price extended losses below the $58,500 support zone. BTC is struggling and could continue to move down toward the $55,000 support zone. Bitcoin is gaining pace below the $60,000 support zone. The price is trading below $59,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance […]<\/p>\n","protected":false},"author":0,"featured_media":2673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2672","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\/2672"}],"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=2672"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2673"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}