{"id":5053,"date":"2024-09-10T02:45:01","date_gmt":"2024-09-10T02:45:01","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=5053"},"modified":"2024-09-10T02:45:01","modified_gmt":"2024-09-10T02:45:01","slug":"bitcoin-price-could-extend-gains-will-bulls-stay-in-control","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=5053","title":{"rendered":"Bitcoin Price Could Extend Gains: Will Bulls Stay in Control?"},"content":{"rendered":"

Bitcoin price started a decent increase above the $55,500 resistance. BTC is consolidating and might aim for more gains if it clears the $58,000 resistance.<\/em><\/p>\n

Bitcoin is rising from the $52,500 support zone.
\nThe price is trading above $55,500 and the 100 hourly Simple moving average.
\nThere was a break above a key bearish trend line with resistance at $55,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is facing resistance near the $58,000 and $58,200 resistance levels in the near term.<\/p>\n

Bitcoin Price Starts Recovery<\/h2>\n

Bitcoin price started a decent increase after it broke the $55,500 resistance zone<\/a>. BTC gained pace and was able to clear the $56,200 resistance. There was a break above a key bearish trend line with resistance at $55,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

The pair even spiked above the $58,000 resistance zone. A high was formed at $58,050 and the price is now consolidating gains. There was a minor decline below the $57,500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $52,569 swing low to the $58,050 high.<\/p>\n

Bitcoin is now trading above $55,500 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $57,500 level. The first key resistance is near the $58,000 level.<\/p>\n

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

A clear move above the $58,000 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,500. 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 $58,000 resistance zone, it could start another decline. Immediate support on the downside is near the $56,750 level.<\/p>\n

The first major support is $55,500 or the 50% Fib retracement level of the upward move from the $52,569 swing low to the $58,050 high. The next support is now near the $53,500 zone. Any more losses might send the price toward the $52,600 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 $56,750, followed by $55,500.<\/p>\n

Major Resistance Levels \u2013 $57,500, and $58,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started a decent increase above the $55,500 resistance. BTC is consolidating and might aim for more gains if it clears the $58,000 resistance. Bitcoin is rising from the $52,500 support zone. The price is trading above $55,500 and the 100 hourly Simple moving average. There was a break above a key bearish trend […]<\/p>\n","protected":false},"author":0,"featured_media":5054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5053","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\/5053"}],"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=5053"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5053\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5054"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}