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{"id":633919,"date":"2024-08-08T02:35:12","date_gmt":"2024-08-08T02:35:12","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=633919"},"modified":"2024-08-08T02:35:12","modified_gmt":"2024-08-08T02:35:12","slug":"bitcoin-price-upsides-58k","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-upsides-58k\/","title":{"rendered":"Bitcoin Price Eyes Additional Upsides: Will The Recovery Persist?"},"content":{"rendered":"

Bitcoin price is consolidating near the $57,500 zone. BTC could gain bullish momentum if it clears the $58,000 resistance zone in the near term.<\/em><\/p>\n

\n
Bitcoin started a recovery wave above the $55,500 and $56,500 levels.<\/li>\n
The price is trading above $57,000 and the 100 hourly Simple moving average.<\/li>\n
There was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair might struggle to clear the $58,250 resistance zone.<\/li>\n<\/ul>\n
Bitcoin Price Could Continue Higher<\/h2>\n
Bitcoin price started a recovery wave above the $53,500 resistance zone. BTC was able to clear the $55,500 and $56,500 resistance levels<\/a> to move into a short-term positive zone.<\/p>\n
There was a move above the 61.8% Fib retracement level of the key drop from the $61,040 swing high to the $49,110 swing low. Besides, there was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC\/USD pair.<\/p>\n
The bulls are now attempting more upsides above $57,500. Bitcoin price is now trading above $57,000 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $58,250 level. It is close to the 76.4% Fib retracement level of the key drop from the $61,040 swing high to the $49,110 swing low.<\/p>\n
$\"Bitcoin$ <\/a>
Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
The first key resistance is near the $58,800 level. A clear move above the $58,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $59,500. The next major hurdle sits at $60,000. A close above the $60,000 resistance might spark bullish moves. In the stated case, the price could rise and test the $62,000 resistance.<\/p>\n
Another Decline In BTC?<\/h2>\n
If Bitcoin fails to recover above the $58,250 resistance zone, it could start another decline. Immediate support on the downside is near the $56,400 level and the 100 hourly SMA.<\/p>\n
The first major support is $54,500. The next support is now near $53,500. 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 bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $56,400, followed by $54,500.<\/p>\n
Major Resistance Levels \u2013 $58,250, and $58,800.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is consolidating near the $57,500 zone. BTC could gain bullish momentum if it clears the $58,000 resistance zone in the near term. Bitcoin started a recovery wave above the $55,500 and $56,500 levels. The price is trading above $57,000 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might struggle to clear the $58,250 resistance zone. Bitcoin Price Could Continue Higher Bitcoin price started a recovery wave above the $53,500 resistance zone. BTC was able to clear the $55,500 and $56,500 resistance levels to move into a short-term positive zone. There was a move above the 61.8% Fib retracement level of the key drop from the $61,040 swing high to the $49,110 swing low. Besides, there was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC\/USD pair. The bulls are now attempting more upsides above $57,500. Bitcoin price is now trading above $57,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $58,250 level. It is close to the 76.4% Fib retracement level of the key drop from the $61,040 swing high to the $49,110 swing low. The first key resistance is near the $58,800 level. A clear move above the $58,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $59,500. The next major hurdle sits at $60,000. A close above the $60,000 resistance might spark bullish moves. In the stated case, the price could rise and test the $62,000 resistance. Another Decline In BTC? If Bitcoin fails to recover above the $58,250 resistance zone, it could start another decline. Immediate support on the downside is near the $56,400 level and the 100 hourly SMA. The first major support is $54,500. The next support is now near $53,500. 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 bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $56,400, followed by $54,500. Major Resistance Levels \u2013 $58,250, and $58,800.<\/p>\n","protected":false},"author":67,"featured_media":633921,"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-633919","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 Eyes Additional Upsides: Will The Recovery Persist?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is consolidating near the $57,500 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:\/\/shenyangcang.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Eyes Additional Upsides: Will The Recovery Persist?","url":"http:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-upsides-58k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-upsides-58k\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/Bitcoin-Upsides.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/Bitcoin-Upsides.jpg?fit=1792%2C1024"},"articleSection":"BTC","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2024-08-08T02:35:12Z","datePublished":"2024-08-08T02:35:12Z","dateModified":"2024-08-08T02:35:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Eyes Additional Upsides: Will The Recovery Persist?\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/analysis\\\/btc\\\/bitcoin-price-upsides-58k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/analysis\\\/btc\\\/bitcoin-price-upsides-58k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-Upsides.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-Upsides.jpg?fit=1792%2C1024\"},\"articleSection\":\"BTC\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2024-08-08T02:35:12Z\",\"datePublished\":\"2024-08-08T02:35:12Z\",\"dateModified\":\"2024-08-08T02:35:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/Bitcoin-Upsides.jpg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/633919"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=633919"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/633919\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/633921"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=633919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=633919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=633919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}