{"id":3715,"date":"2024-09-05T02:52:12","date_gmt":"2024-09-05T02:52:12","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=3715"},"modified":"2024-09-05T02:52:12","modified_gmt":"2024-09-05T02:52:12","slug":"bitcoin-price-bounce-at-risk-is-the-recovery-about-to-fade","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=3715","title":{"rendered":"Bitcoin Price Bounce at Risk: Is the Recovery About to Fade?"},"content":{"rendered":"

Bitcoin price started a recovery wave from the $55,600 zone. BTC is now struggling to clear the $58,500 resistance and might decline again.<\/em><\/p>\n

Bitcoin is struggling to recover above the $58,500 zone.
\nThe price is trading below $58,200 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support at $57,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle to recover above the $58,500 or $58,750 resistance levels in the near term.<\/p>\n

Bitcoin Price Faces Hurdles<\/h2>\n

Bitcoin price extended losses<\/a> below the $57,200 support level. BTC even traded below the $57,000 support. A low was formed at $55,591 and the price recently started a recovery wave.<\/p>\n

There was a move above the $56,500 and $57,000 resistance levels. It cleared the 50% Fib retracement level of the downward move from the $59,772 swing high to the $55,591 low. The price even cleared the $58,000 level but faced sellers near $58,500.<\/p>\n

Bitcoin is now trading below $58,200 and the 100 hourly Simple moving average<\/a>. There is also a connecting bullish trend line forming with support at $57,250 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, the price could face resistance near the $58,500 level. The first key resistance is near the $58,750 level or the 76.4% Fib retracement level of the downward move from the $59,772 swing high to the $55,591 low. A clear move above the $58,750 resistance might send the price further higher in the coming sessions.<\/p>\n

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

The next key resistance could be $59,500. A close above the $59,500 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $58,500 resistance zone, it could start another decline. Immediate support on the downside is near the $57,250 level and the trend line.<\/p>\n

The first major support is $56,850. The next support is now near the $56,200 zone. Any more losses might send the price toward the $55,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $57,250, followed by $56,850.<\/p>\n

Major Resistance Levels \u2013 $58,500, and $58,750.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started a recovery wave from the $55,600 zone. BTC is now struggling to clear the $58,500 resistance and might decline again. Bitcoin is struggling to recover above the $58,500 zone. The price is trading below $58,200 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support […]<\/p>\n","protected":false},"author":0,"featured_media":3716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3715","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\/3715"}],"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=3715"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3716"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}