The price of Bitcoin has remained supported near the $52,500 zone, and it is attempting a recovery wave after testing a low of $52,569. The price has moved above the $53,200 and $54,000 resistance levels, but it is struggling to recover above the $55,500 zone. There is a key bearish trend line forming with resistance at $55,200, and the price is trading below the 100 hourly Simple Moving Average. If Bitcoin fails to rise above the $55,500 resistance zone, it could see another decline with support levels at $54,000 and $53,200. On the upside, a clear move above $55,500 could lead to further gains and a test of the $57,500 resistance level.
- Content Editor ( newsbtc.com )
- 2024-09-09
Bitcoin Price Rebounds, But Could the Downtrend Return?