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{"id":628309,"date":"2024-07-08T03:18:22","date_gmt":"2024-07-08T03:18:22","guid":{"rendered":"https:\/\/wncen.com\/?p=628309"},"modified":"2024-07-08T03:18:22","modified_gmt":"2024-07-08T03:18:22","slug":"bitcoin-price-downtrend-54k","status":"publish","type":"post","link":"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-downtrend-54k\/","title":{"rendered":"Bitcoin Price Downtrend Continues: Brace for More Losses"},"content":{"rendered":"

Bitcoin price failed to start a recovery wave above the $58,500 resistance zone. BTC started another decline and might extend losses below $54,000.<\/em><\/p>\n

\n
Bitcoin started a fresh decline and traded below the $56,500 zone.<\/li>\n
The price is trading below $56,500 and the 100 hourly Simple moving average.<\/li>\n
There is a connecting bearish trend line forming with resistance at $56,350 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair might struggle to start a fresh increase above the $58,000 resistance zone.<\/li>\n<\/ul>\n
Bitcoin Price Turns Red<\/h2>\n
Bitcoin price started a recovery wave<\/a> above the $57,000 level. BTC even climbed above the $58,000 level. However, the bears were active near the $58,500 resistance zone.<\/p>\n
A high was formed at $58,396 and the price started a fresh decline. There was a drop below the $57,000 and $56,500 level. A low has formed near $54,301 and the price is now consolidating losses. There was a minor increase toward the 23.6% Fib retracement level of the downward move from the $58,396 swing high to the $54,301 low.<\/p>\n
Bitcoin price is still trading below $56,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $56,000 level. The first key resistance is near the $56,400 level.<\/p>\n
There is also a connecting bearish trend line forming with resistance at $56,350 on the hourly chart of the BTC\/USD pair. The trend line is near the 50% Fib retracement level of the downward move from the $58,396 swing high to the $54,301 low. A clear move above the trend line might send the price toward the $57,400 level. The next key resistance could be $58,400.<\/p>\n
$\"Bitcoin$ <\/a>
Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
A close above the $58,40 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $60,000 resistance in the coming sessions.<\/p>\n
More Losses In BTC?<\/h2>\n
If Bitcoin fails to climb above the $56,400 resistance zone, it could continue to move down. Immediate support on the downside is near the $54,400 level.<\/p>\n
The first major support is $53,650. The next support is now forming near $53,200. Any more losses might send the price toward the $52,000 support zone 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 $54,400, followed by $53,500.<\/p>\n
Major Resistance Levels \u2013 $56,400, and $58,400.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price failed to start a recovery wave above the $58,500 resistance zone. BTC started another decline and might extend losses below $54,000. Bitcoin started a fresh decline and traded below the $56,500 zone. The price is trading below $56,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $56,350 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might struggle to start a fresh increase above the $58,000 resistance zone. Bitcoin Price Turns Red Bitcoin price started a recovery wave above the $57,000 level. BTC even climbed above the $58,000 level. However, the bears were active near the $58,500 resistance zone. A high was formed at $58,396 and the price started a fresh decline. There was a drop below the $57,000 and $56,500 level. A low has formed near $54,301 and the price is now consolidating losses. There was a minor increase toward the 23.6% Fib retracement level of the downward move from the $58,396 swing high to the $54,301 low. Bitcoin price is still trading below $56,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $56,000 level. The first key resistance is near the $56,400 level. There is also a connecting bearish trend line forming with resistance at $56,350 on the hourly chart of the BTC\/USD pair. The trend line is near the 50% Fib retracement level of the downward move from the $58,396 swing high to the $54,301 low. A clear move above the trend line might send the price toward the $57,400 level. The next key resistance could be $58,400. A close above the $58,40 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $60,000 resistance in the coming sessions. More Losses In BTC? If Bitcoin fails to climb above the $56,400 resistance zone, it could continue to move down. Immediate support on the downside is near the $54,400 level. The first major support is $53,650. The next support is now forming near $53,200. Any more losses might send the price toward the $52,000 support zone 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 $54,400, followed by $53,500. Major Resistance Levels \u2013 $56,400, and $58,400.<\/p>\n","protected":false},"author":67,"featured_media":628311,"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-628309","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 Downtrend Continues: Brace for More Losses<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed to start a recovery wave above the $58,500 resistance zone. 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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. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Downtrend Continues: Brace for More Losses","url":"http:\/\/wncen.com\/analysis\/btc\/bitcoin-price-downtrend-54k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/analysis\/btc\/bitcoin-price-downtrend-54k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-dives.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-dives.jpeg?fit=1792%2C1024"},"articleSection":"BTC","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2024-07-08T03:18:22Z","datePublished":"2024-07-08T03:18:22Z","dateModified":"2024-07-08T03:18:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Downtrend Continues: Brace for More Losses\",\"url\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/btc\\\/bitcoin-price-downtrend-54k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/btc\\\/bitcoin-price-downtrend-54k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-dives.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-dives.jpeg?fit=1792%2C1024\"},\"articleSection\":\"BTC\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2024-07-08T03:18:22Z\",\"datePublished\":\"2024-07-08T03:18:22Z\",\"dateModified\":\"2024-07-08T03:18:22Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-dives.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/628309"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=628309"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/628309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/628311"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=628309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=628309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=628309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}