{"id":7212,"date":"2024-09-17T02:35:12","date_gmt":"2024-09-17T02:35:12","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=7212"},"modified":"2024-09-17T02:35:12","modified_gmt":"2024-09-17T02:35:12","slug":"bitcoin-price-at-risk-of-further-downside-will-bears-tighten-grip","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=7212","title":{"rendered":"Bitcoin Price at Risk of Further Downside: Will Bears Tighten Grip?"},"content":{"rendered":"

Bitcoin price started another decline from the $60,650 resistance. BTC is now at risk of more downsides below the $57,500 support zone.<\/em><\/p>\n

Bitcoin is correcting gains and gaining bearish pace below the $59,000 level.
\nThe price is trading below $58,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $58,000 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 Turns Red<\/h2>\n

Bitcoin price struggled to clear the $60,000 resistance zone<\/a> and started a fresh decline. BTC declined below the $60,000 and $59,500 levels to start a downside correction.<\/p>\n

There was a drop below the 50% Fib retracement level of the upward move from the $55,550 swing low to the $60,638 high. The bears were able to push the price toward the $57,500 support zone. There is now a connecting bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading below $58,500 and the 100 hourly Simple moving average<\/a>. It is testing the 61.8% Fib retracement level of the upward move from the $55,550 swing low to the $60,638 high.<\/p>\n

On the upside, the price could face resistance near the $58,000 level and the trend line. The first key resistance is near the $59,200 level and the 100 hourly Simple moving average. A clear move above the $59,200 resistance might start a steady increase in the coming sessions.<\/p>\n

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

The next key resistance could be $60,000. A close above the $60,000 resistance might spark more upsides. In the stated case, the price could rise and test the $60,650 resistance.<\/p>\n

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

If Bitcoin fails to rise above the $58,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $57,500 level.<\/p>\n

The first major support is $56,750. The next support is now near the $56,250 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 $57,500, followed by $56,750.<\/p>\n

Major Resistance Levels \u2013 $58,000, and $59,200.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started another decline from the $60,650 resistance. BTC is now at risk of more downsides below the $57,500 support zone. Bitcoin is correcting gains and gaining bearish pace below the $59,000 level. The price is trading below $58,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming […]<\/p>\n","protected":false},"author":0,"featured_media":7213,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7212","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\/7212"}],"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=7212"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7212\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/7213"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}