{"id":5376,"date":"2024-09-11T02:43:06","date_gmt":"2024-09-11T02:43:06","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=5376"},"modified":"2024-09-11T02:43:06","modified_gmt":"2024-09-11T02:43:06","slug":"bitcoin-price-battles-to-extend-gains-will-it-clear-58k","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=5376","title":{"rendered":"Bitcoin Price Battles to Extend Gains: Will It Clear $58K?"},"content":{"rendered":"

Bitcoin price started a decent increase above the $56,500 resistance. BTC is now struggling to clear the $58,000 resistance and is consolidating gains.<\/em><\/p>\n

Bitcoin is attempting a fresh increase from the $52,500 support zone.
\nThe price is trading above $56,500 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support at $56,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain pace if it clears the $58,000 and $58,200 resistance levels in the near term.<\/p>\n

Bitcoin Price Faces Resistance<\/h2>\n

Bitcoin price started a decent increase<\/a> after it broke the $55,000 resistance zone. BTC was able to climb above the $56,500 resistance. The price even spiked above the $58,000 resistance zone.<\/p>\n

The recent swing high was formed at $58,000 and the price is now consolidating gains<\/a>. There was a minor decline below the $57,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $53,643 swing low to the $58,000 high.<\/p>\n

Bitcoin is now trading above $56,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $56,800 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

On the upside, the price could face resistance near the $57,500 level. The first key resistance is near the $58,000 level. A clear move above the $58,000 resistance might start a steady increase 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

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

If Bitcoin fails to rise above the $57,500 resistance zone, it could start another decline. Immediate support on the downside is near the $56,800 level and the trend line.<\/p>\n

The first major support is $55,300 or the 61.8% Fib retracement level of the upward move from the $53,643 swing low to the $58,000 high. The next support is now near the $54,200 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 losing pace in the bullish 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 $56,800, followed by $55,300.<\/p>\n

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

Bitcoin price started a decent increase above the $56,500 resistance. BTC is now struggling to clear the $58,000 resistance and is consolidating gains. Bitcoin is attempting a fresh increase from the $52,500 support zone. The price is trading above $56,500 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming […]<\/p>\n","protected":false},"author":0,"featured_media":5377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5376","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\/5376"}],"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=5376"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5377"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}