Bitcoin Price Drifts Lower: Will the Grind Continue?
2024-09-02

Bitcoin price extended losses below the $58,500 support zone. BTC is struggling and could continue to move down toward the $55,000 support zone.
Bitcoin Price Extends Losses
Bitcoin price started a fresh decline and traded below the $60,000 support level. The bears were able to push the price below the $58,500 support levels. BTC even spiked below $57,200.
A low was formed at $57,124 and the price is now consolidating losses. There was a minor recovery wave, but the price remained well below the 23.6% Fib retracement level of the recent decline from the $60,954 swing high to the $57,124 low.
Bitcoin is now trading below $60,000 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $58,400 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $58,000 level. The first key resistance is near the $58,400 level and the trend line. A clear move above the $58,400 resistance might send the price further higher in the coming sessions.
The next key resistance could be $59,040 or the 50% Fib retracement level of the recent decline from the $60,954 swing high to the $57,124 low. A close above the $59,040 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance.
More Downsides In BTC?
If Bitcoin fails to rise above the $58,400 resistance zone, it could start another decline. Immediate support on the downside is near the $57,200 level.
The first major support is $56,500. The next support is now near the $56,200 zone. Any more losses might send the price toward the $55,000 support 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 – $57,200, followed by $56,500.
Major Resistance Levels – $58,000, and $58,400.