Bitcoin Price Update: Will BTC Break above $58,500 or Dip Below $55,500?
Bitcoin has once again dipped and retested the crucial $54,500 support zone, facing hurdles in its price recovery. The cryptocurrency is currently trading below $58,500 and the 100 hourly Simple Moving Average, indicating a potential struggle for a bullish momentum. Traders are closely watching the market sentiment to determine whether BTC will break above the $58,500 resistance level or dip below $55,500.
Bitcoin Price Faces Hurdles 📉
Bitcoin price made an attempt to recover above $56,500 and briefly climbed above $57,500. However, the bullish momentum faltered as the price failed to surpass the $58,200 zone, reaching a high of $58,129 before starting a new downtrend. The price dropped below $57,000 and $55,500, finding support near $54,954.
- A high was formed at $58,129, leading to a fresh decline.
- Price dropped below $57,000 and $55,500 levels.
- Support near $54,954 with consolidation of losses.
Currently, Bitcoin is still below $57,500 and the 100 hourly Simple Moving Average, with immediate resistance at around $57,250. The first key resistance level sits at $57,650, with a bearish trend line forming on the hourly chart of the BTC/USD pair. Breaking above this trend line could propel the price towards $58,200, followed by the crucial $58,500 resistance zone.
Another Decline In BTC? 📉
If Bitcoin fails to overcome the $57,650 resistance level, another downward trend may ensue. The immediate support level is at $56,000, with major support levels at $55,500 and $54,500. Further losses could push the price towards the $52,000 support level in the short term.
- Immediate support at $56,000, major support at $55,500.
- Potential decline towards $54,500 in case of further losses.
Technical indicators are signaling mixed sentiments, with the MACD losing pace in the bearish zone while the RSI for BTC/USD is slightly above the 50 level. Traders are eyeing the support and resistance levels to anticipate Bitcoin’s next price movement in the volatile market.
Hot Take 🔥
Bitcoin’s price action continues to face hurdles around the $58,500 resistance zone, with potential for a fresh decline if key resistance levels are not breached. The cryptocurrency market remains unpredictable, requiring investors to closely monitor support and resistance levels to make informed trading decisions.
By
By
By