Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Bitcoin Price Bounce at Risk: Is the Recovery About to Fade?

Bitcoin Price Bounce at Risk: Is the Recovery About to Fade?

NewsbtcNewsbtc2024/09/05 04:27
By:Aayush Jindal

Bitcoin price started a recovery wave from the $55,600 zone. BTC is now struggling to clear the $58,500 resistance and might decline again.

  • Bitcoin is struggling to recover above the $58,500 zone.
  • The price is trading below $58,200 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $57,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could struggle to recover above the $58,500 or $58,750 resistance levels in the near term.

Bitcoin Price Faces Hurdles

Bitcoin price extended losses below the $57,200 support level. BTC even traded below the $57,000 support. A low was formed at $55,591 and the price recently started a recovery wave.

There was a move above the $56,500 and $57,000 resistance levels. It cleared the 50% Fib retracement level of the downward move from the $59,772 swing high to the $55,591 low. The price even cleared the $58,000 level but faced sellers near $58,500.

Bitcoin is now trading below $58,200 and the 100 hourly Simple moving average . There is also a connecting bullish trend line forming with support at $57,250 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $58,500 level. The first key resistance is near the $58,750 level or the 76.4% Fib retracement level of the downward move from the $59,772 swing high to the $55,591 low. A clear move above the $58,750 resistance might send the price further higher in the coming sessions.

Bitcoin Price Bounce at Risk: Is the Recovery About to Fade? image 0
Source: BTCUSD on TradingView.com

The next key resistance could be $59,500. A close above the $59,500 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance.

Another Decline In BTC?

If Bitcoin fails to rise above the $58,500 resistance zone, it could start another decline. Immediate support on the downside is near the $57,250 level and the trend line.

The first major support is $56,850. The next support is now near the $56,200 zone. Any more losses might send the price toward the $55,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $57,250, followed by $56,850.

Major Resistance Levels – $58,500, and $58,750.

1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

In-depth Analysis of Bitroot Parallelized EVM Technology: High-Performance Blockchain Architecture Design and Implementation

Bitroot's success lies not only in technological innovation, but also in transforming these innovations into practical engineering solutions.

BlockBeats2025/11/11 13:18
In-depth Analysis of Bitroot Parallelized EVM Technology: High-Performance Blockchain Architecture Design and Implementation

Zeno's Digital Twin Ideal and the Technological Popularization of DeSci

Carbon-based intelligence and silicon-based intelligence coexist under the same roof.

BlockBeats2025/11/11 13:16
Zeno's Digital Twin Ideal and the Technological Popularization of DeSci

Banmu Xia's forecast for the next two years: Bitcoin enters the early stage of a bear market, while the upward cycle of U.S. stocks is far from over.

The real massive liquidity injection may not happen until May next year, after Trump gains control of the Federal Reserve, similar to what happened in March 2020.

BlockBeats2025/11/11 13:16
Banmu Xia's forecast for the next two years: Bitcoin enters the early stage of a bear market, while the upward cycle of U.S. stocks is far from over.