Bitcoin Price Gains Strength: 100 SMA Crucial for Sustained Gains

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,806,925,966,783	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,806,925,966,783

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	2,044.04	2.27%	91,920.72	91,918.71	91,928.13

Price Change

Price Change %

Current Price

Bid Price

Offer

2,044.04

2.27%

91,920.72

91,918.71

91,928.13

High Price	Low Price	Open Price	Prev. Close	52 Week Range
92,674.80	89,372.65	89,859.08	89,866.68	35,773.27 - 93,495.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

92,674.80

89,372.65

89,859.08

89,866.68

35,773.27 - 93,495.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	17:26:27	0.000751	91,920.72	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

17:26:27

0.000751

91,920.72

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,226,955,555.23	13,474.69	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,226,955,555.23

13,474.69

Bitcoin Price Gains Strength: 100 SMA Crucial for Sustained Gains

07/08/2024 3:41am

NEWSBTC

Bitcoin price started a recovery wave above the $55,000 resistance. BTC must clear the 100 hourly SMA to continue higher in the near term. Bitcoin started a recovery wave above the $53,500 and $55,500 levels. The price is trading below $58,000 and the 100 hourly Simple moving average. There is a contracting triangle forming with resistance at $57,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might struggle to clear the $58,000 resistance zone. Bitcoin Price Gains Over 85 Bitcoin price formed a base and started a recovery wave above the $52,500 resistance zone. BTC was able to clear the $53,500 and $55,500 resistance levels. There was a move above the 61.8% Fib retracement level of the downward wave from the $61,040 swing high to the $49,110 swing low. The bulls even managed to push the price above the $56,500 resistance zone. However, the bears might remain active near $58,000. Bitcoin price is still trading below $58,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $57,500 level. There is also a contracting triangle forming with resistance at $57,500 on the hourly chart of the BTC/USD pair. The first key resistance is near the $58,250 level or the 76.4% Fib retracement level of the downward wave from the $61,040 swing high to the $49,110 swing low. A clear move above the $58,250 resistance might send the price further higher in the coming sessions. The next key resistance could be $59,200. 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 Drop 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 $56,000 level. The first major support is $55,000. 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 – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $56,000, followed by $55,000. Major Resistance Levels – $57,500, and $58,250.

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