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{"id":642444,"date":"2024-09-17T02:35:12","date_gmt":"2024-09-17T02:35:12","guid":{"rendered":"https:\/\/ktsl888.com\/?p=642444"},"modified":"2024-09-17T02:35:12","modified_gmt":"2024-09-17T02:35:12","slug":"bitcoin-risk-57500","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-risk-57500\/","title":{"rendered":"Bitcoin Price at Risk of Further Downside: Will Bears Tighten Grip?"},"content":{"rendered":"

Bitcoin price started another decline from the $60,650 resistance. BTC is now at risk of more downsides below the $57,500 support zone.<\/em><\/p>\n

\n
Bitcoin is correcting gains and gaining bearish pace below the $59,000 level.<\/li>\n
The price is trading below $58,500 and the 100 hourly Simple moving average.<\/li>\n
There is a connecting bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could climb again if it stays above the $57,500 support zone.<\/li>\n<\/ul>\n
Bitcoin Price Turns Red<\/h2>\n
Bitcoin price struggled to clear the $60,000 resistance zone<\/a> and started a fresh decline. BTC declined below the $60,000 and $59,500 levels to start a downside correction.<\/p>\n
There was a drop below the 50% Fib retracement level of the upward move from the $55,550 swing low to the $60,638 high. The bears were able to push the price toward the $57,500 support zone. There is now a connecting bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin is now trading below $58,500 and the 100 hourly Simple moving average<\/a>. It is testing the 61.8% Fib retracement level of the upward move from the $55,550 swing low to the $60,638 high.<\/p>\n
On the upside, the price could face resistance near the $58,000 level and the trend line. The first key resistance is near the $59,200 level and the 100 hourly Simple moving average. A clear move above the $59,200 resistance might start a steady increase in the coming sessions.<\/p>\n
$\"Bitcoin$ <\/a>
Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
The next key resistance could be $60,000. A close above the $60,000 resistance might spark more upsides. In the stated case, the price could rise and test the $60,650 resistance.<\/p>\n
More Downsides In BTC?<\/h2>\n
If Bitcoin fails to rise above the $58,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $57,500 level.<\/p>\n
The first major support is $56,750. The next support is now near the $56,250 zone. Any more losses might send the price toward the $55,550 support in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $57,500, followed by $56,750.<\/p>\n
Major Resistance Levels \u2013 $58,000, and $59,200.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started another decline from the $60,650 resistance. BTC is now at risk of more downsides below the $57,500 support zone. Bitcoin is correcting gains and gaining bearish pace below the $59,000 level. The price is trading below $58,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could climb again if it stays above the $57,500 support zone. Bitcoin Price Turns Red Bitcoin price struggled to clear the $60,000 resistance zone and started a fresh decline. BTC declined below the $60,000 and $59,500 levels to start a downside correction. There was a drop below the 50% Fib retracement level of the upward move from the $55,550 swing low to the $60,638 high. The bears were able to push the price toward the $57,500 support zone. There is now a connecting bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC\/USD pair. Bitcoin is now trading below $58,500 and the 100 hourly Simple moving average. It is testing the 61.8% Fib retracement level of the upward move from the $55,550 swing low to the $60,638 high. On the upside, the price could face resistance near the $58,000 level and the trend line. The first key resistance is near the $59,200 level and the 100 hourly Simple moving average. A clear move above the $59,200 resistance might start a steady increase in the coming sessions. The next key resistance could be $60,000. A close above the $60,000 resistance might spark more upsides. In the stated case, the price could rise and test the $60,650 resistance. More Downsides In BTC? If Bitcoin fails to rise above the $58,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $57,500 level. The first major support is $56,750. The next support is now near the $56,250 zone. Any more losses might send the price toward the $55,550 support 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 $57,500, followed by $56,750. Major Resistance Levels \u2013 $58,000, and $59,200.<\/p>\n","protected":false},"author":67,"featured_media":642446,"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-642444","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 at Risk of Further Downside: Will Bears Tighten Grip?<\/title>\n<meta name=\"description\" content=\"Bitcoin price started another decline from the $60,650 resistance. 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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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