9 September 2024
Bitcoin price remained supported near the $52,500 zone. BTC is recovering losses and facing hurdles near the $55,200 and $55,500 levels.
Bitcoin is struggling to recover above the $55,500 zone.
The price is trading below $55,200 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $55,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could struggle to recover above the $55,500 or $56,000 resistance levels in the near term.
Bitcoin Price Aims Recovery
Bitcoin price remained in a bearish zone and extended losses below the $55,500 support zone. BTC even declined below the $53,200 level. It tested the $52,500 zone. A low was formed at $52,569 and the price is now attempting a recovery wave.
There was a move above the $53,200 and $54,000 resistance levels. It cleared the 23.6% Fib retracement level of the downward move from the $58,508 swing high to the $52,569 low. However, the price is now struggling to recover above the $55,500 zone.
Bitcoin is now trading below $55,200 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $55,200 level. There is also a key bearish trend line forming with resistance at $55,200 on the hourly chart of the BTC/USD pair.
The trend line is close to the 50% Fib retracement level of the downward move from the $58,508 swing high to the $52,569 low. The first key resistance is near the $55,500 level. A clear move above the $55,500 resistance might send the price further higher in the coming sessions.
The next key resistance could be $56,200. A close above the $56,200 resistance might spark more upsides. In the stated case, the price could rise and test the $57,500 resistance.
Another Decline In BTC?
If Bitcoin fails to rise above the $55,500 resistance zone, it could start another decline. Immediate support on the downside is near the $54,000 level.
The first major support is $53,200. The next support is now near the $52,500 zone. Any more losses might send the price toward the $51,800 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $54,000, followed by $53,200.
Major Resistance Levels – $55,200, and $55,500.