{"id":4023,"date":"2024-09-06T02:28:04","date_gmt":"2024-09-06T02:28:04","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=4023"},"modified":"2024-09-06T02:28:04","modified_gmt":"2024-09-06T02:28:04","slug":"bitcoin-price-struggles-can-bulls-step-in-to-save-the-week","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=4023","title":{"rendered":"Bitcoin Price Struggles: Can Bulls Step In to Save the Week?"},"content":{"rendered":"

Bitcoin price declined and retested the $55,600 support zone. BTC is now struggling and might face hurdles near the $57,000 resistance level.<\/em><\/p>\n

Bitcoin is struggling to recover above the $57,750 zone.
\nThe price is trading below $57,200 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $57,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle to recover above the $57,000 or $57,750 resistance levels in the near term.<\/p>\n

Bitcoin Price Dips Again<\/h2>\n

Bitcoin price attempted a recovery wave<\/a> above the $57,500 level. However, the bears were active near the $58,500 resistance level. A high was formed at $58,508 and the price started another decline.<\/p>\n

It retested the $55,600 support zone. A low was formed at $55,601 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 $58,508 swing high to the $55,601 low.<\/p>\n

Bitcoin is now trading below $57,200 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $57,000 level. There is also a connecting bearish trend line forming with resistance at $57,050 on the hourly chart of the BTC\/USD pair.<\/p>\n

The trend line is close to the 50% Fib retracement level of the downward move from the $58,508 swing high to the $55,601 low. The first key resistance is near the $57,750 level. A clear move above the $57,750 resistance might send the price further higher in the coming sessions.<\/p>\n

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

The next key resistance could be $58,500. A close above the $58,500 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 $57,750 resistance zone, it could start another decline. Immediate support on the downside is near the $56,000 level.<\/p>\n

The first major support is $55,600. The next support is now near the $55,000 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 losing pace in the bearish 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 $56,000, followed by $55,600.<\/p>\n

Major Resistance Levels \u2013 $57,050, and $57,750.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price declined and retested the $55,600 support zone. BTC is now struggling and might face hurdles near the $57,000 resistance level. Bitcoin is struggling to recover above the $57,750 zone. The price is trading below $57,200 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at […]<\/p>\n","protected":false},"author":0,"featured_media":4024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4023","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\/4023"}],"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=4023"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4023\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4024"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}