{"id":3355,"date":"2024-09-04T03:01:17","date_gmt":"2024-09-04T03:01:17","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=3355"},"modified":"2024-09-04T03:01:17","modified_gmt":"2024-09-04T03:01:17","slug":"bitcoin-price-slips-again-is-this-the-start-of-a-bigger-drop","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=3355","title":{"rendered":"Bitcoin Price Slips Again: Is This the Start of a Bigger Drop?"},"content":{"rendered":"

Bitcoin price started another decline below the $57,200 zone. BTC is showing bearish signs and might soon test the $55,000 support zone.<\/em><\/p>\n

Bitcoin is gaining pace below the $58,000 support zone.
\nThe price is trading below $57,500 and the 100 hourly Simple moving average.
\nThere was a break below a connecting bullish trend line with support at $58,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle to recover above the $57,650 or $58,000 resistance levels in the near term.<\/p>\n

Bitcoin Price Takes Hit<\/h2>\n

Bitcoin price extended losses<\/a> below the $57,500 support levels. BTC even traded below the $57,200 support. There was a break below a connecting bullish trend line with support at $58,900 on the hourly chart of the BTC\/USD pair.<\/p>\n

A low was formed at $55,591 and the price recently started a recovery wave. There was a move above the $56,000 and $56,200 resistance levels. It cleared the 23.6% Fib retracement level of the downward move from the $59,773 swing high to the $55,591 low.<\/p>\n

Bitcoin is now trading below $58,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $57,650 level or the 50% Fib retracement level of the downward move from the $59,773 swing high to the $55,591 low.<\/p>\n

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

The first key resistance is near the $58,000 level. A clear move above the $58,000 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,800. A close above the $58,800 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 $58,000 resistance zone, it could start another decline. Immediate support on the downside is near the $56,350 level.<\/p>\n

The first major support is $55,500. The next support is now near the $55,200 zone. Any more losses might send the price toward the $53,500 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 $56,350, followed by $55,500.<\/p>\n

Major Resistance Levels \u2013 $57,650, and $58,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started another decline below the $57,200 zone. BTC is showing bearish signs and might soon test the $55,000 support zone. Bitcoin is gaining pace below the $58,000 support zone. The price is trading below $57,500 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with […]<\/p>\n","protected":false},"author":0,"featured_media":3356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3355","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\/3355"}],"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=3355"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3356"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}