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{"id":640618,"date":"2024-09-09T02:44:36","date_gmt":"2024-09-09T02:44:36","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=640618"},"modified":"2024-09-09T02:44:36","modified_gmt":"2024-09-09T02:44:36","slug":"bitcoin-price-rebounds-55500","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/analysis\/btc\/bitcoin-price-rebounds-55500\/","title":{"rendered":"Bitcoin Price Rebounds, But Could the Downtrend Return?"},"content":{"rendered":"

Bitcoin price remained supported near the $52,500 zone. BTC is recovering losses and facing hurdles near the $55,200 and $55,500 levels.<\/em><\/p>\n

\n
Bitcoin is struggling to recover above the $55,500 zone.<\/li>\n
The price is trading below $55,200 and the 100 hourly Simple moving average.<\/li>\n
There is a key bearish trend line forming with resistance at $55,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could struggle to recover above the $55,500 or $56,000 resistance levels in the near term.<\/li>\n<\/ul>\n
Bitcoin Price Aims Recovery<\/h2>\n
Bitcoin price remained in a bearish zone<\/a> and extended losses below the $55,500 support zone. BTC even declined below the $53,200 level. It tested the $52,500 zone. A low was formed at $52,569 and the price is now attempting a recovery wave.<\/p>\n
There was a move above the $53,200 and $54,000 resistance levels. It cleared the 23.6% Fib retracement level of the downward move from the $58,508 swing high to the $52,569 low. However, the price is now struggling to recover above the $55,500 zone.<\/p>\n
Bitcoin is now trading below $55,200 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $55,200 level. There is also a key bearish trend line forming with resistance at $55,200 on the hourly chart of the BTC\/USD pair.<\/p>\n
The trend line is close to the 50% Fib retracement level of the downward move from the $58,508 swing high to the $52,569 low. The first key resistance is near the $55,500 level. A clear move above the $55,500 resistance might send the price further higher in the coming sessions.<\/p>\n
$\"Bitcoin$ <\/a>
Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
The next key resistance could be $56,200. A close above the $56,200 resistance might spark more upsides. In the stated case, the price could rise and test the $57,500 resistance.<\/p>\n
Another Decline In BTC?<\/h2>\n
If Bitcoin fails to rise above the $55,500 resistance zone, it could start another decline. Immediate support on the downside is near the $54,000 level.<\/p>\n
The first major support is $53,200. The next support is now near the $52,500 zone. Any more losses might send the price toward the $51,800 support in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing 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 $54,000, followed by $53,200.<\/p>\n
Major Resistance Levels \u2013 $55,200, and $55,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price remained supported near the $52,500 zone. BTC is recovering losses and facing hurdles near the $55,200 and $55,500 levels. Bitcoin is struggling to recover above the $55,500 zone. The price is trading below $55,200 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $55,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could struggle to recover above the $55,500 or $56,000 resistance levels in the near term. Bitcoin Price Aims Recovery Bitcoin price remained in a bearish zone and extended losses below the $55,500 support zone. BTC even declined below the $53,200 level. It tested the $52,500 zone. A low was formed at $52,569 and the price is now attempting a recovery wave. There was a move above the $53,200 and $54,000 resistance levels. It cleared the 23.6% Fib retracement level of the downward move from the $58,508 swing high to the $52,569 low. However, the price is now struggling to recover above the $55,500 zone. Bitcoin is now trading below $55,200 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $55,200 level. There is also a key bearish trend line forming with resistance at $55,200 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $58,508 swing high to the $52,569 low. The first key resistance is near the $55,500 level. A clear move above the $55,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $56,200. A close above the $56,200 resistance might spark more upsides. In the stated case, the price could rise and test the $57,500 resistance. Another Decline In BTC? If Bitcoin fails to rise above the $55,500 resistance zone, it could start another decline. Immediate support on the downside is near the $54,000 level. The first major support is $53,200. The next support is now near the $52,500 zone. Any more losses might send the price toward the $51,800 support in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing 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 $54,000, followed by $53,200. Major Resistance Levels \u2013 $55,200, and $55,500.<\/p>\n","protected":false},"author":67,"featured_media":640620,"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-640618","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 Rebounds, But Could the Downtrend Return?<\/title>\n<meta name=\"description\" content=\"Bitcoin price remained supported near the $52,500 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. 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