Bitcoin (BTC) Price Stuck In A Range, Struggling To Clear $61,500 Resistance
- PHPzOriginal
- 2024-08-30 15:06:05660browse
Bitcoin price remained stable above the $58,500 support zone. BTC is struggling and could only start a steady increase if it clears $61,500.
Bitcoin price remained above the key $58,500 support against the US dollar. BTC is struggling and could only start a steady increase if it clears $61,500.
Bitcoin Price Analysis
Bitcoin price found support near the $58,000 and $58,500 levels. A base was formed, and the price attempted a recovery wave above the $59,500 level. However, the bears were active near the $61,200 level, and the price started a fresh decline.
The recent wave down was stalled near the $58,800 support level. Finally, a low was formed at $58,717, and the price began to consolidate its losses. It is stuck near the 23.6% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low.
On the hourly chart of the BTC/USD pair, bitcoin is now trading below $61,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $58,800.
On the upside, the price could face resistance near the $59,650 level. The first key resistance is now forming near the $60,200 level. It is also close to the 61.8% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low.
A clear move above the $60,200 resistance could set the price for further gains in the coming sessions. The next key resistance could be $61,200. A close above the $61,200 resistance might spark more upsides. In the stated case, the price could rise and test the $62,500 resistance.
More Downsides In BTC?
If Bitcoin fails to rise above the $60,200 resistance zone, it could start another decline. Immediate support on the downside is forming near the $58,800 level and the trend line.
The first major support is $58,500, followed by the next support at $58,000. Any more losses might send the price toward the $56,500 support in the near term.
Technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $58,800, followed by $58,000.
Major Resistance Levels – $60,200, and $61,200.
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