Bitcoin Price Trims Gains: Is the Rally Losing Steam?

Aug 12, 2024 04:00 am Cryptocurrency 42

Bitcoin price started a downside correction from the $62,700 resistance zone. BTC is now consolidating near $58,500 and struggling to recover.

Bitcoin started a decent downward move below the $61,500 and $60,000 levels.

The price is trading below $60,000 and the 100 hourly Simple moving average.

There was a break below a key bullish trend line with support at $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair might decline further if it trades below the $58,500 support zone.

Bitcoin Price Holds Support

Bitcoin price started a downside correction after it failed to stay above $62,500. BTC declined below the $61,500 and $60,000 levels to move into a short-term bearish zone.

There was a break below a key bullish trend line with support at $61,000 on the hourly chart of the BTC/USD pair. The pair even dipped below the 50% Fib retracement level of the upward move from the $54,556 swing ..

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