{"id":633919,"date":"2024-08-08T02:35:12","date_gmt":"2024-08-08T02:35:12","guid":{"rendered":"https:\/\/ktsl888.com\/?p=633919"},"modified":"2024-08-08T02:35:12","modified_gmt":"2024-08-08T02:35:12","slug":"bitcoin-price-upsides-58k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-upsides-58k\/","title":{"rendered":"Bitcoin Price Eyes Additional Upsides: Will The Recovery Persist?"},"content":{"rendered":"<p><em>Bitcoin price is consolidating near the $57,500 zone. BTC could gain bullish momentum if it clears the $58,000 resistance zone in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin started a recovery wave above the $55,500 and $56,500 levels.<\/li>\n<li>The price is trading above $57,000 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair might struggle to clear the $58,250 resistance zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Could Continue Higher<\/h2>\n<p>Bitcoin price started a recovery wave above the $53,500 resistance zone. BTC was able to clear the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-strength-55k\/\" target=\"_blank\" rel=\"noopener \">$55,500 and $56,500 resistance levels<\/a> to move into a short-term positive zone.<\/p>\n<p>There was a move above the 61.8% Fib retracement level of the key drop from the $61,040 swing high to the $49,110 swing low. Besides, there was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The bulls are now attempting more upsides above $57,500. Bitcoin price is now trading above $57,000 and the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-bounce-back-55k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $58,250 level. It is close to the 76.4% Fib retracement level of the key drop from the $61,040 swing high to the $49,110 swing low.<\/p>\n<figure id=\"attachment_633920\" aria-describedby=\"caption-attachment-633920\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_63de5a.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-633920 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_63de5a.png?resize=1024%2C461\" alt=\"Bitcoin Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_63de5a.png?w=1835 1835w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_63de5a.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_63de5a.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_63de5a.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_63de5a.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_63de5a.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_63de5a.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-633920\" 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 first key resistance is near the $58,800 level. A clear move above the $58,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $59,500. 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<h2>Another Decline In BTC?<\/h2>\n<p>If Bitcoin fails to recover above the $58,250 resistance zone, it could start another decline. Immediate support on the downside is near the $56,400 level and the 100 hourly SMA.<\/p>\n<p>The first major support is $54,500. The next support is now near $53,500. Any more losses might send the price toward the $52,000 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 bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $56,400, followed by $54,500.<\/p>\n<p>Major Resistance Levels \u2013 $58,250, and $58,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is consolidating near the $57,500 zone. BTC could gain bullish momentum if it clears the $58,000 resistance zone in the near term. Bitcoin started a recovery wave above the $55,500 and $56,500 levels. The price is trading above $57,000 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might struggle to clear the $58,250 resistance zone. Bitcoin Price Could Continue Higher Bitcoin price started a recovery wave above the $53,500 resistance zone. BTC was able to clear the $55,500 and $56,500 resistance levels to move into a short-term positive zone. There was a move above the 61.8% Fib retracement level of the key drop from the $61,040 swing high to the $49,110 swing low. Besides, there was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC\/USD pair. The bulls are now attempting more upsides above $57,500. Bitcoin price is now trading above $57,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $58,250 level. It is close to the 76.4% Fib retracement level of the key drop from the $61,040 swing high to the $49,110 swing low. The first key resistance is near the $58,800 level. A clear move above the $58,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $59,500. 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 $58,250 resistance zone, it could start another decline. Immediate support on the downside is near the $56,400 level and the 100 hourly SMA. The first major support is $54,500. The next support is now near $53,500. Any more losses might send the price toward the $52,000 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 $56,400, followed by $54,500. Major Resistance Levels \u2013 $58,250, and $58,800.<\/p>\n","protected":false},"author":67,"featured_media":633921,"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-633919","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 Eyes Additional Upsides: Will The Recovery Persist?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is consolidating near the $57,500 zone. 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