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Home»EXCHANGE NEWS»Bitcoin price tests support line. Will there be a stronger rebound?
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Bitcoin price tests support line. Will there be a stronger rebound?

By Crypto FlexsAugust 16, 20243 Mins Read
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Bitcoin price tests support line. Will there be a stronger rebound?
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Bitcoin price failed to break above the $61,500 resistance level. BTC is currently retesting the $58,000 support level and may attempt a new uptrend.

  • Bitcoin started a new downtrend from the resistance level of $61,500.
  • The price is trading below $60,000 and the 100 hourly simple moving average.
  • According to data provided by Kraken, a major bullish trend line has broken below the support level of $59,250 on the hourly chart of BTC/USD.
  • If the price stays above $58,000, the pair is likely to attempt a new uptrend.

Bitcoin Price Support Maintained

Bitcoin price failed to settle above the $61,500 resistance level. BTC formed a short-term peak and started a new decline below the $60,500 level. There was movement below the $60,000 and $59,000 levels.

In addition, there was a break below the major bullish trend line with support at $59,250 on the hourly chart of the BTC/USD pair. The pair retested the support area at $58,000. A low was formed at $58,061 and the price is now consolidating losses.

Bitcoin price is currently trading below $60,000 and the 100 hourly simple moving average. In an uptrend, the price may face resistance near the $58,800 level. It is close to the 23.6% Fibonacci retracement level of the downtrend from the $61,438 swing high to the $58,061 low.

The first major resistance is near the $59,500 level or the 50% Fibonacci correction level of the downtrend from the $61,438 swing high to the $58,061 low. A clear break above the $59,500 resistance could see the price move higher in the coming session. The next major resistance could be $60,000.

The next major hurdle is at $61,500. A close above the $61,500 resistance level could trigger further upside. If so, the price could rally and test the $63,500 resistance level.

Could More Losses Come From Bitcoin?

If Bitcoin fails to break above the $58,800 resistance zone, it could continue to decline. Immediate support for the downtrend lies near the $58,000 level.

The first major support is at $57,650. The next support is now near the $56,500 area. If there is further loss, the price could move to the $55,500 support area, or in the short term, to $55,000.

Technical indicators:

Hourly MACD – MACD is currently gaining momentum in a downtrend.

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

Key support levels – $58,000, then $57,650.

Key resistance levels – $58,800 and $59,500.

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