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Home»Analysis»Bitcoin Price Drops: Will the Rut Continue?
Analysis

Bitcoin Price Drops: Will the Rut Continue?

2024-09-03No Comments3 Mins Read
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This article is available in Spanish.

Bitcoin price extended losses below the USD 58,500 support zone. BTC is struggling and could continue to decline towards the $55,000 support zone.

  • Bitcoin is gaining pace below the $60,000 support zone.
  • The price is trading below $59,000 and the 100 hourly Simple Moving Average.
  • A connecting bearish trendline is forming with resistance at $58,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses if it fails to hold above the $57,200 support.

Bitcoin Price Extends Losses

Bitcoin price started declining again and traded below the $60,000 support level. The bears managed to push the price below the USD 58,500 support level. BTC even peaked below $57,200.

A low was formed at $57,124 and the price is now consolidating losses. There was a small recovery wave, but the price remained well below the 23.6% Fib retracement level of the recent decline from the $60,954 swing high to the $57,124 low.

Bitcoin is now trading below $60,000 and the 100 hourly Simple Moving Average. A connecting bearish trendline is also forming with resistance at $58,400 on the hourly chart of the BTC/USD pair.

On the upside, the price could encounter resistance near the USD 58,000 level. The first major resistance is near the $58,400 level and trendline. A clear move above the USD 58,400 resistance could push the price further higher in the coming sessions.

Bitcoin price
Source: BTCUSD on TradingView.com

The next major resistance could be $59,040, or the 50% Fib retracement level from the recent decline from the $60,954 swing high to the $57,124 low. A close above the resistance at $59,040 could provide more upside. In the mentioned case, the price could rise and test the USD 60,000 resistance.

See also  Analyst Says XRP's 11-Year SuperCycle Is Coming to an End, Why a Rise to $3.4 Is Imminent

More disadvantages of BTC?

If Bitcoin fails to rise above the USD 58,400 resistance zone, it could trigger another decline. The immediate downside support is near the $57,200 level.

The first major support is $56,500. The next support is now near the $56,200 zone. Any further losses could send the price towards the USD 55,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining speed in the bearish zone.

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

Major support levels – USD 57,200, followed by USD 56,500.

Major resistance levels – $58,000 and $58,400.

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Bitcoin continue Drops Price Rut
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