Plunge

bullish

Bitcoin

Resistance

Bitcoin price declined further below the $55,000 support zone. <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-gains-65k/" target="_blank" rel="noopener ">BTC</a> is down over 15% and might even slide toward the $50,000 zone. 
<ul> 
 <li>Bitcoin gained bearish momentum below the $56,500 and $55,000 support levels.</li> 
 <li>The price is trading below $55,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $56,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might start a decent recovery wave if it clears the $58,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-nosedives">Bitcoin Price Nosedives</h2> 
Bitcoin price extended losses below the $56,500 support zone. BTC even traded below the $55,000 and $54,500 levels. A low is formed near $52,430 and the price is now consolidating losses. 
It recovered above the $53,500 level and tested the 23.6% Fib retracement level of the downward move from the $61,040 swing high to the $52,430 low. However, the price is now struggling to clear the $55,000 resistance zone. There is also a connecting bearish trend line forming with resistance at $56,700 on the hourly chart of the BTC/USD pair. 
Bitcoin price is trading below $55,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pulls-back-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, the price could face resistance near the $55,500 level. The first key resistance is near the $56,800 level. 
A clear move above the $56,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,000 or the 61.8% Fib retracement level of the downward move from the $61,040 swing high to the $52,430 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-633079 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next major hurdle sits at $58,800. A close above the $58,800 resistance might spark bullish moves. In the stated case, the price could rise and test the $60,000 resistance. 
<h2 id="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to recover above the $56,800 resistance zone, it could start another decline. Immediate support on the downside is near the $53,000 level. 
The first major support is $52,500. The next support is now near $52,000. Any more losses might send the price toward the $50,000 support zone 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 30 level. 
Major Support Levels – $53,000, followed by $52,500. 
Major Resistance Levels – $56,800, and $58,000.

Bitcoin Price Plunge Deepens: What Could Prevent a Recovery?

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