{"id":627740,"date":"2024-07-04T02:51:30","date_gmt":"2024-07-04T02:51:30","guid":{"rendered":"https:\/\/ktsl888.com\/?p=627740"},"modified":"2024-07-04T02:51:30","modified_gmt":"2024-07-04T02:51:30","slug":"bitcoin-price-takes-hit-58k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-takes-hit-58k\/","title":{"rendered":"Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?"},"content":{"rendered":"<p><em>Bitcoin price failed to start a fresh increase above the $62,850 resistance zone. BTC started another decline and tumbled 5% to test $58,000.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline and traded below the $60,000 zone.<\/li>\n<li>The price is trading below $61,500 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair might struggle to start a fresh increase above the $60,850 resistance zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Dives 5%<\/h2>\n<p>Bitcoin price struggled to start a decent recovery wave above the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-back-62k\/\" target=\"_blank\" rel=\"noopener \">$62,850 resistance level<\/a>. The bears took control and pushed BTC below the $61,200 support zone. There was a sharp decline below the $60,000 level.<\/p>\n<p>The price declined 5% and even spiked below the $58,000 level. A low was formed at $57,890 and the price is now consolidating losses. There was a minor increase above the $58,500 level and approaching the 23.6% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low.<\/p>\n<p>Bitcoin price is now trading below $61,500 and the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-challenge-63650\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>If there is a decent increase, the price could face resistance near the $60,000 level and the trend line. The first key resistance is near the $60,850 level and the 50% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low.<\/p>\n<figure id=\"attachment_627741\" aria-describedby=\"caption-attachment-627741\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin_fe2473.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-627741 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin_fe2473.png?resize=1024%2C461\" alt=\"Bitcoin Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin_fe2473.png?w=1835 1835w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin_fe2473.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin_fe2473.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin_fe2473.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin_fe2473.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin_fe2473.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/Bitcoin_fe2473.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-627741\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>The next key resistance could be $61,500. A clear move above the $61,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,250 resistance. Any more gains might send BTC toward the $63,500 resistance in the near term.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to climb above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,250 level.<\/p>\n<p>The first major support is $58,000. The next support is now forming near $57,800. Any more losses might send the price toward the $56,500 support zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $58,250, followed by $58,000.<\/p>\n<p>Major Resistance Levels \u2013 $59,250, and $60,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to start a fresh increase above the $62,850 resistance zone. BTC started another decline and tumbled 5% to test $58,000. Bitcoin started a fresh decline and traded below the $60,000 zone. The price is trading below $61,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might struggle to start a fresh increase above the $60,850 resistance zone. Bitcoin Price Dives 5% Bitcoin price struggled to start a decent recovery wave above the $62,850 resistance level. The bears took control and pushed BTC below the $61,200 support zone. There was a sharp decline below the $60,000 level. The price declined 5% and even spiked below the $58,000 level. A low was formed at $57,890 and the price is now consolidating losses. There was a minor increase above the $58,500 level and approaching the 23.6% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low. Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC\/USD pair. If there is a decent increase, the price could face resistance near the $60,000 level and the trend line. The first key resistance is near the $60,850 level and the 50% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low. The next key resistance could be $61,500. A clear move above the $61,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,250 resistance. Any more gains might send BTC toward the $63,500 resistance in the near term. More Losses In BTC? If Bitcoin fails to climb above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,250 level. The first major support is $58,000. The next support is now forming near $57,800. Any more losses might send the price toward the $56,500 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $58,250, followed by $58,000. Major Resistance Levels \u2013 $59,250, and $60,000.<\/p>\n","protected":false},"author":67,"featured_media":627742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83361],"tags":[428,679,1144,78790,76835],"class_list":["post-627740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed to start a fresh increase above the $62,850 resistance zone. 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