{"id":4731,"date":"2024-09-09T02:44:36","date_gmt":"2024-09-09T02:44:36","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=4731"},"modified":"2024-09-09T02:44:36","modified_gmt":"2024-09-09T02:44:36","slug":"bitcoin-price-rebounds-but-could-the-downtrend-return","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=4731","title":{"rendered":"Bitcoin Price Rebounds, But Could the Downtrend Return?"},"content":{"rendered":"

Bitcoin price remained supported near the $52,500 zone. BTC is recovering losses and facing hurdles near the $55,200 and $55,500 levels.<\/em><\/p>\n

Bitcoin is struggling to recover above the $55,500 zone.
\nThe price is trading below $55,200 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance at $55,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could struggle to recover above the $55,500 or $56,000 resistance levels in the near term.<\/p>\n

Bitcoin Price Aims Recovery<\/h2>\n

Bitcoin price remained in a bearish zone<\/a> and extended losses below the $55,500 support zone. BTC even declined below the $53,200 level. It tested the $52,500 zone. A low was formed at $52,569 and the price is now attempting a recovery wave.<\/p>\n

There was a move above the $53,200 and $54,000 resistance levels. It cleared the 23.6% Fib retracement level of the downward move from the $58,508 swing high to the $52,569 low. However, the price is now struggling to recover above the $55,500 zone.<\/p>\n

Bitcoin is now trading below $55,200 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $55,200 level. There is also a key bearish trend line forming with resistance at $55,200 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 $52,569 low. The first key resistance is near the $55,500 level. A clear move above the $55,500 resistance might send the price further higher in the coming sessions.<\/p>\n

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

The next key resistance could be $56,200. A close above the $56,200 resistance might spark more upsides. In the stated case, the price could rise and test the $57,500 resistance.<\/p>\n

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

If Bitcoin fails to rise above the $55,500 resistance zone, it could start another decline. Immediate support on the downside is near the $54,000 level.<\/p>\n

The first major support is $53,200. The next support is now near the $52,500 zone. Any more losses might send the price toward the $51,800 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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $54,000, followed by $53,200.<\/p>\n

Major Resistance Levels \u2013 $55,200, and $55,500.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price remained supported near the $52,500 zone. BTC is recovering losses and facing hurdles near the $55,200 and $55,500 levels. Bitcoin is struggling to recover above the $55,500 zone. The price is trading below $55,200 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $55,200 […]<\/p>\n","protected":false},"author":0,"featured_media":4732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4731","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\/4731"}],"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=4731"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4731\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4732"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}