{"id":3027,"date":"2024-09-03T02:33:01","date_gmt":"2024-09-03T02:33:01","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=3027"},"modified":"2024-09-03T02:33:01","modified_gmt":"2024-09-03T02:33:01","slug":"bitcoin-price-rebounds-but-key-hurdles-could-stall-progress","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=3027","title":{"rendered":"Bitcoin Price Rebounds, But Key Hurdles Could Stall Progress"},"content":{"rendered":"

Bitcoin price started a recovery wave from the $57,200 zone. BTC is rising, but it might struggle to surpass the $60,200 and $61,150 resistance levels.<\/em><\/p>\n

Bitcoin is attempting a recovery wave above the $58,000 support zone.
\nThe price is trading above $58,000 and the 100 hourly Simple moving average.
\nThere was a break above a connecting bearish trend line with resistance at $58,350 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could face heavy resistance at $60,200 or $61,150 in the near term.<\/p>\n

Bitcoin Price Starts Recovery<\/h2>\n

Bitcoin price extended losses<\/a> below the $58,500 support levels. BTC even spiked below $57,200. A low was formed at $57,124 and the price recently started a recovery wave.<\/p>\n

There was a move above the $58,000 and $58,200 resistance levels. It cleared the 50% Fib retracement level of the downward move from the $61,143 swing high to the $57,124 low. There was also a break above a connecting bearish trend line with resistance at $58,350 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading above $58,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $60,200 level or the 76.4% Fib retracement level of the downward move from the $61,143 swing high to the $57,124 low.<\/p>\n

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

The first key resistance is near the $61,150 level. A clear move above the $61,150 resistance might send the price further higher in the coming sessions. The next key resistance could be $62,000. A close above the $62,000 resistance might spark more upsides. In the stated case, the price could rise and test the $65,000 resistance.<\/p>\n

Another Decline 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 $58,750 level.<\/p>\n

The first major support is $58,500. The next support is now near the $57,200 zone. Any more losses might send the price toward the $56,200 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $58,750, followed by $58,500.<\/p>\n

Major Resistance Levels \u2013 $60,200, and $61,150.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started a recovery wave from the $57,200 zone. BTC is rising, but it might struggle to surpass the $60,200 and $61,150 resistance levels. Bitcoin is attempting a recovery wave above the $58,000 support zone. The price is trading above $58,000 and the 100 hourly Simple moving average. There was a break above a […]<\/p>\n","protected":false},"author":0,"featured_media":3028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3027","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\/3027"}],"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=3027"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3028"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}