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{"id":633336,"date":"2024-08-06T02:44:26","date_gmt":"2024-08-06T02:44:26","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=633336"},"modified":"2024-08-06T02:44:26","modified_gmt":"2024-08-06T02:44:26","slug":"bitcoin-price-bounce-back-55k","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/analysis\/btc\/bitcoin-price-bounce-back-55k\/","title":{"rendered":"Bitcoin Price Bounce Back: Could the Recovery Lose Momentum?"},"content":{"rendered":"

Bitcoin price started a recovery wave after it crashed below $50,000. BTC is back above $55,000 and faces many hurdles near the $58,000 zone.<\/em><\/p>\n

\n
Bitcoin started a recovery wave above the $52,500 and $55,000 levels.<\/li>\n
The price is trading below $58,000 and the 100 hourly Simple moving average.<\/li>\n
There was a break above a connecting bearish trend line with resistance at $55,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair might struggle to clear the $58,000 resistance zone.<\/li>\n<\/ul>\n
Bitcoin Price Starts Recovery Wave<\/h2>\n
Bitcoin price extended losses<\/a> below the $52,500 support zone. BTC even traded below the $51,100 and $50,000 levels. A low was formed near $49,111 and the price recently started a recovery wave.<\/p>\n
It recovered above the $52,500 level and tested the 50% Fib retracement level of the downward move from the $61,040 swing high to the $49,111 low. There was a break above a connecting bearish trend line with resistance at $55,100 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin price is still trading below $58,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $56,500 level. It is near the 61.8% Fib retracement level of the downward move from the $61,040 swing high to the $49,111 low.<\/p>\n
The first key resistance is near the $58,250 level. A clear move above the $58,250 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,800.<\/p>\n
$\"Bitcoin$ <\/a>
Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
The next major hurdle sits at $60,000. A close above the $60,000 resistance might spark bullish moves. In the stated case, the price could rise and test the $62,000 resistance.<\/p>\n
Another Decline In BTC?<\/h2>\n
If Bitcoin fails to recover above the $58,000 resistance zone, it could start another decline. Immediate support on the downside is near the $55,000 level.<\/p>\n
The first major support is $53,500. The next support is now near $52,000. Any more losses might send the price toward the $50,000 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $55,000, followed by $53,500.<\/p>\n
Major Resistance Levels \u2013 $56,500, and $58,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started a recovery wave after it crashed below $50,000. BTC is back above $55,000 and faces many hurdles near the $58,000 zone. Bitcoin started a recovery wave above the $52,500 and $55,000 levels. The price is trading below $58,000 and the 100 hourly Simple moving average. There was a break above a connecting bearish trend line with resistance at $55,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might struggle to clear the $58,000 resistance zone. Bitcoin Price Starts Recovery Wave Bitcoin price extended losses below the $52,500 support zone. BTC even traded below the $51,100 and $50,000 levels. A low was formed near $49,111 and the price recently started a recovery wave. It recovered above the $52,500 level and tested the 50% Fib retracement level of the downward move from the $61,040 swing high to the $49,111 low. There was a break above a connecting bearish trend line with resistance at $55,100 on the hourly chart of the BTC\/USD pair. Bitcoin price is still trading below $58,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $56,500 level. It is near the 61.8% Fib retracement level of the downward move from the $61,040 swing high to the $49,111 low. The first key resistance is near the $58,250 level. A clear move above the $58,250 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,800. The next major hurdle sits at $60,000. A close above the $60,000 resistance might spark bullish moves. In the stated case, the price could rise and test the $62,000 resistance. Another Decline In BTC? If Bitcoin fails to recover above the $58,000 resistance zone, it could start another decline. Immediate support on the downside is near the $55,000 level. The first major support is $53,500. The next support is now near $52,000. Any more losses might send the price toward the $50,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $55,000, followed by $53,500. Major Resistance Levels \u2013 $56,500, and $58,000.<\/p>\n","protected":false},"author":67,"featured_media":633338,"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-633336","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":"\nBitcoin Price Bounce Back: Could the Recovery Lose Momentum?<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a recovery wave after it crashed below $50,000. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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