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Home»EXCHANGE NEWS»Is this the beginning of a bigger decline?
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Is this the beginning of a bigger decline?

By Crypto FlexsSeptember 4, 20242 Mins Read
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Is this the beginning of a bigger decline?
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This article is also available in Spanish.

Bitcoin price has started another downtrend below the $57,200 zone. BTC is in a downtrend and may soon test the $55,000 support zone.

  • Bitcoin is gaining speed below the $58,000 support zone.
  • The price is trading below $57,500 and the 100 hourly simple moving average.
  • The bullish trend line connecting the support level at $58,900 has broken down on the hourly chart of the BTC/USD pair (data provided by Kraken).
  • The pair may struggle to recover above the resistance levels of $57,650 or $58,000 in the short term.

Bitcoin price hit

Bitcoin price extended its downtrend below the $57,500 support level. BTC was also trading below the $57,200 support level. There was a break below the bullish trend line connected to the $58,900 support on the hourly chart of the BTC/USD pair.

A low was formed at $55,591, and the price recently started a recovery wave. It moved above the $56,000 and $56,200 resistance levels. It broke the 23.6% Fibonacci correction level of the downtrend from the $59,773 swing high to the $55,591 low.

Bitcoin is currently trading below $58,000 and the 100-hourly simple moving average. On the upside, the price could face resistance near the $57,650 level or the 50% Fibonacci correction level of the downtrend from the $59,773 swing high to the $55,591 low.

Source: BTCUSD on TradingView.com

The first major resistance is near the $58,000 level. If the $58,000 resistance is clearly broken, the price may move higher in the next session. The next major resistance could be $58,800. A close above the $58,800 resistance could trigger further upside. In the case mentioned, the price may rise and test the $60,000 resistance.

Another downside to Bitcoin?

If Bitcoin fails to break above the $58,000 resistance zone, another downtrend could begin. Immediate support for the downtrend is near the $56,350 level.

The first major support is at $55,500. The next support is now near the $55,200 area. If there is further loss, the price could move towards the $53,500 support in the short term.

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 – $56,350, then $55,500.

Key resistance levels – $57,650 and $58,000.

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