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{"id":633078,"date":"2024-08-05T04:29:49","date_gmt":"2024-08-05T04:29:49","guid":{"rendered":"https:\/\/www.wncen.com\/?p=633078"},"modified":"2024-08-05T04:29:49","modified_gmt":"2024-08-05T04:29:49","slug":"bitcoin-price-plunge-53k","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/analysis\/btc\/bitcoin-price-plunge-53k\/","title":{"rendered":"Bitcoin Price Plunge Deepens: What Could Prevent a Recovery?"},"content":{"rendered":"

Bitcoin price declined further below the $55,000 support zone. BTC<\/a> is down over 15% and might even slide toward the $50,000 zone.<\/em><\/p>\n

\n
Bitcoin gained bearish momentum below the $56,500 and $55,000 support levels.<\/li>\n
The price is trading below $55,000 and the 100 hourly Simple moving average.<\/li>\n
There is a connecting bearish trend line forming with resistance at $56,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair might start a decent recovery wave if it clears the $58,000 resistance zone.<\/li>\n<\/ul>\n
Bitcoin Price Nosedives<\/h2>\n
Bitcoin price extended losses below the $56,500 support zone. BTC even traded below the $55,000 and $54,500 levels. A low is formed near $52,430 and the price is now consolidating losses.<\/p>\n
It recovered above the $53,500 level and tested the 23.6% Fib retracement level of the downward move from the $61,040 swing high to the $52,430 low. However, the price is now struggling to clear the $55,000 resistance zone. There is also a connecting bearish trend line forming with resistance at $56,700 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin price is trading below $55,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $55,500 level. The first key resistance is near the $56,800 level.<\/p>\n
A clear move above the $56,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,000 or the 61.8% Fib retracement level of the downward move from the $61,040 swing high to the $52,430 low.<\/p>\n
$\"Bitcoin$ <\/a>
Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
The next major hurdle sits at $58,800. A close above the $58,800 resistance might spark bullish moves. In the stated case, the price could rise and test the $60,000 resistance.<\/p>\n
More Downsides In BTC?<\/h2>\n
If Bitcoin fails to recover above the $56,800 resistance zone, it could start another decline. Immediate support on the downside is near the $53,000 level.<\/p>\n
The first major support is $52,500. The next support is now near $52,000. Any more losses might send the price toward the $50,000 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 30 level.<\/p>\n
Major Support Levels \u2013 $53,000, followed by $52,500.<\/p>\n
Major Resistance Levels \u2013 $56,800, and $58,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price declined further below the $55,000 support zone. BTC is down over 15% and might even slide toward the $50,000 zone. Bitcoin gained bearish momentum below the $56,500 and $55,000 support levels. The price is trading below $55,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $56,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might start a decent recovery wave if it clears the $58,000 resistance zone. Bitcoin Price Nosedives Bitcoin price extended losses below the $56,500 support zone. BTC even traded below the $55,000 and $54,500 levels. A low is formed near $52,430 and the price is now consolidating losses. It recovered above the $53,500 level and tested the 23.6% Fib retracement level of the downward move from the $61,040 swing high to the $52,430 low. However, the price is now struggling to clear the $55,000 resistance zone. There is also a connecting bearish trend line forming with resistance at $56,700 on the hourly chart of the BTC\/USD pair. Bitcoin price is trading below $55,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $55,500 level. The first key resistance is near the $56,800 level. A clear move above the $56,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,000 or the 61.8% Fib retracement level of the downward move from the $61,040 swing high to the $52,430 low. The next major hurdle sits at $58,800. A close above the $58,800 resistance might spark bullish moves. In the stated case, the price could rise and test the $60,000 resistance. More Downsides In BTC? If Bitcoin fails to recover above the $56,800 resistance zone, it could start another decline. Immediate support on the downside is near the $53,000 level. The first major support is $52,500. The next support is now near $52,000. Any more losses might send the price toward the $50,000 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 30 level. Major Support Levels \u2013 $53,000, followed by $52,500. Major Resistance Levels \u2013 $56,800, and $58,000.<\/p>\n","protected":false},"author":67,"featured_media":633080,"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-633078","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 Plunge Deepens: What Could Prevent a Recovery?<\/title>\n<meta name=\"description\" content=\"Bitcoin price declined further below the $55,000 support 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:\/\/www.wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Plunge Deepens: What Could Prevent a Recovery?","url":"http:\/\/www.wncen.com\/analysis\/btc\/bitcoin-price-plunge-53k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/analysis\/btc\/bitcoin-price-plunge-53k\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin-Dives.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin-Dives.jpg?fit=1792%2C1024"},"articleSection":"BTC","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2024-08-05T04:29:49Z","datePublished":"2024-08-05T04:29:49Z","dateModified":"2024-08-05T04:29:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Plunge Deepens: What Could Prevent a Recovery?\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/analysis\\\/btc\\\/bitcoin-price-plunge-53k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/analysis\\\/btc\\\/bitcoin-price-plunge-53k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-Dives.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-Dives.jpg?fit=1792%2C1024\"},\"articleSection\":\"BTC\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2024-08-05T04:29:49Z\",\"datePublished\":\"2024-08-05T04:29:49Z\",\"dateModified\":\"2024-08-05T04:29:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin-Dives.jpg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/633078"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=633078"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/633078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/633080"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=633078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=633078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=633078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}