{"id":634789,"date":"2024-08-12T03:40:18","date_gmt":"2024-08-12T03:40:18","guid":{"rendered":"https:\/\/ktsl888.com\/?p=634789"},"modified":"2024-08-12T03:40:18","modified_gmt":"2024-08-12T03:40:18","slug":"bitcoin-price-trims-gains-58k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-trims-gains-58k\/","title":{"rendered":"Bitcoin Price Trims Gains: Is the Rally Losing Steam?"},"content":{"rendered":"<p><em>Bitcoin price started a downside correction from the $62,700 resistance zone. BTC is now consolidating near $58,500 and struggling to recover.<\/em><\/p>\n<ul>\n<li>Bitcoin started a decent downward move below the $61,500 and $60,000 levels.<\/li>\n<li>The price is trading below $60,000 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break below a key bullish trend line with support at $61,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair might decline further if it trades below the $58,500 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Holds Support<\/h2>\n<p>Bitcoin price started a <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-reclaims-60k\/\" target=\"_blank\" rel=\"noopener \">downside correction<\/a> after it failed to stay above $62,500. BTC declined below the $61,500 and $60,000 levels to move into a short-term bearish zone.<\/p>\n<p>There was a break below a key bullish trend line with support at $61,000 on the hourly chart of the BTC\/USD pair. The pair even dipped below the 50% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high.<\/p>\n<p>Bitcoin price is now trading below $60,000 and the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-upsides-58k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. The bulls are protecting the $58,500 support zone. The price is stable above the 61.8% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high.<\/p>\n<p>On the upside, the price could face resistance near the $59,500 level. The first key resistance is near the $60,000 level. A clear move above the $60,000 resistance might send the price further higher in the coming sessions. The next key resistance could be $61,200.<\/p>\n<figure id=\"attachment_634790\" aria-describedby=\"caption-attachment-634790\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_4693a8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-634790 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_4693a8.png?resize=1024%2C461\" alt=\"Bitcoin Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_4693a8.png?w=1835 1835w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_4693a8.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_4693a8.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_4693a8.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_4693a8.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_4693a8.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_4693a8.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-634790\" 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 major hurdle sits at $62,500. A close above the $62,500 resistance might spark bullish moves. In the stated case, the price could rise and test the $65,000 resistance.<\/p>\n<h2>More Downsides In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,500 level.<\/p>\n<p>The first major support is $57,650. The next support is now near the $57,250 zone. Any more losses might send the price toward the $55,500 support zone or even $55,000 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 $58,500, followed by $57,250.<\/p>\n<p>Major Resistance Levels \u2013 $59,500, and $60,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a downside correction from the $62,700 resistance zone. BTC is now consolidating near $58,500 and struggling to recover. Bitcoin started a decent downward move below the $61,500 and $60,000 levels. The price is trading below $60,000 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $61,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might decline further if it trades below the $58,500 support zone. Bitcoin Price Holds Support Bitcoin price started a downside correction after it failed to stay above $62,500. BTC declined below the $61,500 and $60,000 levels to move into a short-term bearish zone. There was a break below a key bullish trend line with support at $61,000 on the hourly chart of the BTC\/USD pair. The pair even dipped below the 50% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high. Bitcoin price is now trading below $60,000 and the 100 hourly Simple moving average. The bulls are protecting the $58,500 support zone. The price is stable above the 61.8% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high. On the upside, the price could face resistance near the $59,500 level. The first key resistance is near the $60,000 level. A clear move above the $60,000 resistance might send the price further higher in the coming sessions. The next key resistance could be $61,200. The next major hurdle sits at $62,500. A close above the $62,500 resistance might spark bullish moves. In the stated case, the price could rise and test the $65,000 resistance. More Downsides In BTC? If Bitcoin fails to rise above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,500 level. The first major support is $57,650. The next support is now near the $57,250 zone. Any more losses might send the price toward the $55,500 support zone or even $55,000 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 $58,500, followed by $57,250. Major Resistance Levels \u2013 $59,500, and $60,000.<\/p>\n","protected":false},"author":67,"featured_media":634792,"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-634789","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 Trims Gains: Is the Rally Losing Steam?<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a downside correction from the $62,700 resistance zone. 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