Key Takeaways:
- Bitcoin price is consolidating above the 50-week simple moving average (blue).
- BTC/USD seems to be following a major bullish flag with resistance at $68,200 on the weekly chart.
- The price could see another downside thrust toward $55,000 before the bulls take a stand.
Bitcoin price is struggling to gain momentum for a move above $62,000 and $65,000. BTC could revisit $55,000 before it attempts a fresh increase.
Bitcoin Price Consolidates Above Key Support
After a major decline, Bitcoin found support near the 50-week simple moving average (blue) in August 2024. The price formed a base and started a fresh increase above the $55,000 resistance zone. There was a decent increase above the $60,000 resistance zone.
The price even cleared the 61.8% Fib retracement level of the downward wave from the $70,162 swing high to the $49,130 low. However, the bears were active near the $65,000 resistance zone.
The weekly chart of BTC suggests faced strong rejection near the 76.4% Fib retracement level of the downward wave from the $70,162 swing high to the $49,130 low. As a result, Bitcoin trimmed most gains and traded below the $60,000 level.
The price is now holding the $57,200 support zone, with a minor bearish angle. If the bears remain in action in September 2024, there are chances of more downsides.
Immediate support on the downside is near the $57,200 level. The first major support is near the $55,000. The next major support sits at the channel trend line at $54,000 and the 50-week simple moving average (blue).
A weekly close below the channel support could spark sharp losses. The main support sits near the $49,200 level. Any more losses might send BTC toward the $42,000 level in the medium term.
Another Increase In BTC Price?
Conversely, Bitcoin price might remain stable above the 50-week simple moving average (blue) and attempt another increase. The immediate hurdle sits near the $60,000 level. The first major resistance is near the $62,200 level.
The next key resistance is forming near the $65,000 level. The main resistance is now forming near the channel and $68,200. A close above the $68,200 resistance could set the stage for a fresh surge. In the stated case, the bulls could aim for a move above the $72,000 resistance. The next major hurdle sits at $75,000, above which the price could aim for $80,000.
Overall, Bitcoin is consolidating gains above $54,000. BTC could revisit $55,000 or $54,000 before the bulls take a stand for a fresh increase in the coming weeks.
The post Why Bitcoin (BTC) Price Could Slip Again Before a New Bullish Run appeared first on CoinChapter.
