{"id":638684,"date":"2024-08-30T02:40:37","date_gmt":"2024-08-30T02:40:37","guid":{"rendered":"https:\/\/ktsl888.com\/?p=638684"},"modified":"2024-08-30T02:40:37","modified_gmt":"2024-08-30T02:40:37","slug":"bitcoin-price-support-58k-2","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-support-58k-2\/","title":{"rendered":"Bitcoin Price Retains Support: Is a Bounce Back on the Horizon?"},"content":{"rendered":"<p><em>Bitcoin price remained stable above the $58,500 support zone. BTC is struggling and could only start a steady increase if it clears $61,500.<\/em><\/p>\n<ul>\n<li>Bitcoin is struggling to rise above the $60,200 and $61,500 resistance levels.<\/li>\n<li>The price is trading below $61,000 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bullish trend line forming with support at $58,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair might extend losses if it fails to stay above the $58,500 support.<\/li>\n<\/ul>\n<h2>Bitcoin Price Stuck In A Range<\/h2>\n<p>Bitcoin price <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-range-60k\/\" target=\"_blank\" rel=\"noopener \">remained stable<\/a> above the $58,000 and $58,500 support levels. A base was formed, and the price attempted a recovery wave above the $59,500 level. However, the bears were active near the $61,200 level.<\/p>\n<p>There was a fresh decline, and the price retested the $58,800 support. A low was formed at $58,717 and the price is now consolidating losses. It is stuck near the 23.6% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low.<\/p>\n<p>Bitcoin is now trading below $61,000 and the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-drops-60k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. There is also a connecting bullish trend line forming with support at $58,800 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>On the upside, the price could face resistance near the $59,650 level. The first key resistance is near the $60,200 level. It is near the 61.8% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low.<\/p>\n<figure id=\"attachment_638685\" aria-describedby=\"caption-attachment-638685\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_60f9ed.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-638685 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_60f9ed.png?resize=1024%2C461\" alt=\"Bitcoin Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_60f9ed.png?w=1835 1835w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_60f9ed.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_60f9ed.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_60f9ed.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_60f9ed.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_60f9ed.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_60f9ed.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-638685\" 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>A clear move above the $60,200 resistance might send the price further higher in the coming sessions. The next key resistance could be $61,200. A close above the $61,200 resistance might spark more upsides. In the stated case, the price could rise and test the $62,500 resistance.<\/p>\n<h2>More Downsides In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $60,200 resistance zone, it could start another decline. Immediate support on the downside is near the $58,800 level and the trend line.<\/p>\n<p>The first major support is $58,500. The next support is now near the $58,000 zone. Any more losses might send the price toward the $56,500 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing 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 $58,800, followed by $58,000.<\/p>\n<p>Major Resistance Levels \u2013 $60,200, and $61,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price remained stable above the $58,500 support zone. BTC is struggling and could only start a steady increase if it clears $61,500. Bitcoin is struggling to rise above the $60,200 and $61,500 resistance levels. The price is trading below $61,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $58,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might extend losses if it fails to stay above the $58,500 support. Bitcoin Price Stuck In A Range Bitcoin price remained stable above the $58,000 and $58,500 support levels. A base was formed, and the price attempted a recovery wave above the $59,500 level. However, the bears were active near the $61,200 level. There was a fresh decline, and the price retested the $58,800 support. A low was formed at $58,717 and the price is now consolidating losses. It is stuck near the 23.6% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low. Bitcoin is now trading below $61,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $58,800 on the hourly chart of the BTC\/USD pair. On the upside, the price could face resistance near the $59,650 level. The first key resistance is near the $60,200 level. It is near the 61.8% Fib retracement level of the recent decline from the $61,143 swing high to the $58,717 low. A clear move above the $60,200 resistance might send the price further higher in the coming sessions. The next key resistance could be $61,200. A close above the $61,200 resistance might spark more upsides. In the stated case, the price could rise and test the $62,500 resistance. More Downsides In BTC? If Bitcoin fails to rise above the $60,200 resistance zone, it could start another decline. Immediate support on the downside is near the $58,800 level and the trend line. The first major support is $58,500. The next support is now near the $58,000 zone. Any more losses might send the price toward the $56,500 support in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing 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 $58,800, followed by $58,000. Major Resistance Levels \u2013 $60,200, and $61,200.<\/p>\n","protected":false},"author":67,"featured_media":638686,"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-638684","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 Retains Support: Is a Bounce Back on the Horizon?<\/title>\n<meta name=\"description\" content=\"Bitcoin price remained stable above the $58,500 support zone. 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