{"id":635558,"date":"2024-08-15T02:48:50","date_gmt":"2024-08-15T02:48:50","guid":{"rendered":"https:\/\/wncen.com\/?p=635558"},"modified":"2024-08-15T02:48:50","modified_gmt":"2024-08-15T02:48:50","slug":"bitcoin-price-support-58k","status":"publish","type":"post","link":"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-support-58k\/","title":{"rendered":"Bitcoin Price Tests Support: Will It Bounce Back Stronger?"},"content":{"rendered":"<p><em>Bitcoin price failed to clear the $61,500 resistance zone. BTC is now retesting the $58,000 support and might attempt a fresh increase.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline from the $61,500 resistance zone.<\/li>\n<li>The price is trading below $60,000 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break below a key bullish trend line with support at $59,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair might attempt a fresh increase if it stays above the $58,000 zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Holds Support<\/h2>\n<p>Bitcoin price failed to settle above the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-crosses-60k\/\" target=\"_blank\" rel=\"noopener \">$61,500 resistance zone<\/a>. BTC formed a short-term top and started a fresh decline below the $60,500 level. There was a move below the $60,000 and $59,000 levels.<\/p>\n<p>Besides, there was a break below a key bullish trend line with support at $59,250 on the hourly chart of the BTC\/USD pair. The pair retested the $58,000 support zone. A low is formed at $58,061 and the price is now consolidating losses.<\/p>\n<p>Bitcoin price is now trading below $60,000 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-upside-60k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $58,800 level. It is close to the 23.6% Fib retracement level of the downward move from the $61,438 swing high to the $58,061 low.<\/p>\n<p>The first key resistance is near the $59,500 level or the 50% Fib retracement level of the downward move from the $61,438 swing high to the $58,061 low A clear move above the $59,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $60,000.<\/p>\n<figure id=\"attachment_635559\" aria-describedby=\"caption-attachment-635559\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin_8247c8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-635559 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin_8247c8.png?resize=1024%2C461\" alt=\"Bitcoin Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin_8247c8.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin_8247c8.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin_8247c8.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin_8247c8.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin_8247c8.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin_8247c8.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin_8247c8.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-635559\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>The next major hurdle sits at $61,500. A close above the $61,500 resistance might spark more upsides. In the stated case, the price could rise and test the $63,500 resistance.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $58,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,000 level.<\/p>\n<p>The first major support is $57,650. The next support is now near the $56,500 zone. Any more losses might send the price toward the $55,500 support zone or even $55,000 in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $58,000, followed by $57,650.<\/p>\n<p>Major Resistance Levels \u2013 $58,800, and $59,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to clear the $61,500 resistance zone. BTC is now retesting the $58,000 support and might attempt a fresh increase. Bitcoin started a fresh decline from the $61,500 resistance zone. The price is trading below $60,000 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $59,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might attempt a fresh increase if it stays above the $58,000 zone. Bitcoin Price Holds Support Bitcoin price failed to settle above the $61,500 resistance zone. BTC formed a short-term top and started a fresh decline below the $60,500 level. There was a move below the $60,000 and $59,000 levels. Besides, there was a break below a key bullish trend line with support at $59,250 on the hourly chart of the BTC\/USD pair. The pair retested the $58,000 support zone. A low is formed at $58,061 and the price is now consolidating losses. Bitcoin price is now trading below $60,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $58,800 level. It is close to the 23.6% Fib retracement level of the downward move from the $61,438 swing high to the $58,061 low. The first key resistance is near the $59,500 level or the 50% Fib retracement level of the downward move from the $61,438 swing high to the $58,061 low A clear move above the $59,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $60,000. The next major hurdle sits at $61,500. A close above the $61,500 resistance might spark more upsides. In the stated case, the price could rise and test the $63,500 resistance. More Losses In BTC? If Bitcoin fails to rise above the $58,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,000 level. The first major support is $57,650. The next support is now near the $56,500 zone. Any more losses might send the price toward the $55,500 support zone or even $55,000 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 $58,000, followed by $57,650. Major Resistance Levels \u2013 $58,800, and $59,500.<\/p>\n","protected":false},"author":67,"featured_media":635560,"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-635558","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":"\n<title>Bitcoin Price Tests Support: Will It Bounce Back Stronger?<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed to clear the $61,500 resistance zone. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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 Tests Support: Will It Bounce Back Stronger?","url":"http:\/\/wncen.com\/analysis\/btc\/bitcoin-price-support-58k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/analysis\/btc\/bitcoin-price-support-58k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin-support.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Bitcoin-support.jpg?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":"2024-08-15T02:48:50Z","datePublished":"2024-08-15T02:48:50Z","dateModified":"2024-08-15T02:48:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Tests Support: Will It Bounce Back Stronger?\",\"url\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/btc\\\/bitcoin-price-support-58k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/btc\\\/bitcoin-price-support-58k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-support.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-support.jpg?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\":\"2024-08-15T02:48:50Z\",\"datePublished\":\"2024-08-15T02:48:50Z\",\"dateModified\":\"2024-08-15T02:48:50Z\"}<\/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\/08\/Bitcoin-support.jpg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/635558"}],"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=635558"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/635558\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/635560"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=635558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=635558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=635558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}