Bitcoin Price Trims Gains: Is the Rally Losing Steam?

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin price started a downside correction from the $62,700 resistance zone. BTC is now consolidating near $58,500 and struggling to recover.

Bitcoin started a decent downward move below the $61,500 and $60,000 levels.
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 $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might decline further if it trades below the $58,500 support zone.

Bitcoin Price Holds Support

Bitcoin price started a downside correction after it failed to stay above $62,500. BTC declined below the $61,500 and $60,000 levels to move into a short-term bearish zone.

There was a break below a key bullish trend line with support at $61,000 on the hourly chart of the BTC/USD pair. The pair even dipped below the 50% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high.

Bitcoin price is now trading below $60,000 and the 100 hourly Simple moving average. The bulls are protecting the $58,500 support zone. The price is stable above the 61.8% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high.

On the upside, the price could face resistance near the $59,500 level. The first key resistance is near the $60,000 level. A clear move above the $60,000 resistance might send the price further higher in the coming sessions. The next key resistance could be $61,200.

The next major hurdle sits at $62,500. A close above the $62,500 resistance might spark bullish moves. In the stated case, the price could rise and test the $65,000 resistance.

More Downsides In BTC?

If Bitcoin fails to rise above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,500 level.

The first major support is $57,650. The next support is now near the $57,250 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 – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $58,500, followed by $57,250.

Major Resistance Levels – $59,500, and $60,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. 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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.