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BTCUSD Bitcoin

90,546.95

-35.03 (-0.04%)

05:48:10 - Realtime Data

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,786,670,474,794	SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-35.03	-0.04%	90,546.95	90,546.95	90,546.96

High Price	Low Price	Open Price	Prev. Close	52 Week Range
90,935.79	89,400.00	90,714.56	90,581.98	35,773.27 - 93,495.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	05:48:10	0.000025	90,546.95	USD

Price x Volume	Volume	Base Symbol	Related Pairs
186,852,385.73	2,070.40	BTC	BTCEUR	BTCGBP	ETHBTC

Bitcoin Price Plunge Deepens: What Could Prevent a Recovery?

05/08/2024 5:29am

NEWSBTC

Bitcoin price declined further below the $55,000 support zone. BTC is down over 15% and might even slide toward the $50,000 zone. Bitcoin gained bearish momentum below the $56,500 and $55,000 support levels. The price is trading below $55,000 and the 100 hourly Simple moving average. 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). The pair might start a decent recovery wave if it clears the $58,000 resistance zone. Bitcoin Price Nosedives 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 100 hourly Simple moving average. 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. 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. More Downsides In BTC? 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.

1 Year Bitcoin Chart

1 Year Bitcoin Chart

1 Month Bitcoin Chart

1 Month Bitcoin Chart

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