{"id":6890,"date":"2024-09-16T03:01:24","date_gmt":"2024-09-16T03:01:24","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=6890"},"modified":"2024-09-16T03:01:24","modified_gmt":"2024-09-16T03:01:24","slug":"bitcoin-price-flashes-downside-break-will-bears-take-over","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=6890","title":{"rendered":"Bitcoin Price Flashes Downside Break: Will Bears Take Over?"},"content":{"rendered":"

Bitcoin price failed to clear the $60,650 resistance. BTC is now correcting gains and might decline toward the $57,500 support zone.<\/em><\/p>\n

Bitcoin is correcting gains and trading well below the $60,000 level.
\nThe price is trading below $58,800 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support at $60,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could climb again if it stays above the $57,500 support zone.<\/p>\n

Bitcoin Price Starts Downside Correction<\/h2>\n

Bitcoin price started a decent increase after it broke the $58,500 resistance zone<\/a>. BTC was able to climb above the $59,500 resistance. The pair even cleared the $60,000 resistance zone.<\/p>\n

However, the bears seem to be active near the $60,650 resistance zone. A high was formed at $60,638 and the price is now correcting gains<\/a>. There was a drop below the $59,500 level. The price even dipped below the 23.6% Fib retracement level of the upward move from the $55,548 swing low to the $60,638 high.<\/p>\n

There was also a break below a key bullish trend line with support at $60,000 on the hourly chart of the BTC\/USD pair. Bitcoin is now trading below $58,800 and the 100 hourly Simple moving average.<\/p>\n

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

On the upside, the price could face resistance near the $59,200 level. The first key resistance is near the $60,000 level. A clear move above the $60,000 resistance might start a steady increase in the coming sessions. The next key resistance could be $60,650. A close above the $60,650 resistance might spark more upsides. In the stated case, the price could rise and test the $62,000 resistance.<\/p>\n

More Downsides In BTC?<\/h2>\n

If Bitcoin fails to rise above the $59,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,000 level or the 50% Fib retracement level of the upward move from the $55,548 swing low to the $60,638 high.<\/p>\n

The first major support is $57,500. The next support is now near the $56,750 zone. Any more losses might send the price toward the $55,550 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish 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 $58,000, followed by $57,500.<\/p>\n

Major Resistance Levels \u2013 $59,200, and $60,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price failed to clear the $60,650 resistance. BTC is now correcting gains and might decline toward the $57,500 support zone. Bitcoin is correcting gains and trading well below the $60,000 level. The price is trading below $58,800 and the 100 hourly Simple moving average. There was a break below a key bullish trend line […]<\/p>\n","protected":false},"author":0,"featured_media":6891,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6890","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\/6890"}],"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=6890"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6891"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}