Bitcoin (BTC) has recently entered a short-term bearish phase, falling below the $60,000 mark and dropping beneath $59,500 and $58,000. After hitting a low of $57,690, the cryptocurrency has begun a modest recovery. The price has moved above $58,000 and $58,500, surpassing the 50% Fibonacci retracement level of the decline from $61,800 to $57,690.
Currently, Bitcoin is trading below $60,000 and the 100-hourly Simple Moving Average, facing resistance at this level. A critical resistance is located at $60,250, near the 61.8% Fibonacci retracement level. A breakout above this point could push BTC towards $61,200 and possibly $62,500. If BTC closes above $62,500, further gains might see the price testing $64,200.
Should Bitcoin fail to break through the $60,000 resistance, it may experience another decline. Immediate support is at $58,800, with major support levels at $57,650 and $57,000. A further drop could see BTC approaching the $55,500 support zone, or even $55,000 in the near term.
August 2024, Cryptoniteuae
