Bitcoin Price Prediction: Key Levels, Upcoming Movements And Trends Explained
Anjali Belgaumkar11 Sept 20241 min read
A slowdown in Bitcoin’s bullish momentum is expected in the coming days. Bitcoin is retesting a critical area on its price chart and recently, it confirmed a breakout, which provided some short-term bullish momentum.
According to analyst Josh of Crypto World, Bitcoin remains within a larger bearish trend. However, there has been a short-term bounce from a key support level around $52,500. Despite this temporary recovery, the overall trend remains bearish. However, Bitcoin managed to break above a resistance zone between $56,000 and $57,000, which previously acted as support.
Immediate Resistance Levels
Resistance at $59,000: Bitcoin is expected to face resistance just above $59,000, potentially slowing its upward movement.
Major Resistance at $60,000 to $61,000: If Bitcoin successfully breaks past the $59,000 level, it will then encounter a major resistance zone around $60,000 to $61,000. This area is a major barrier because it was previously a strong support level and has now turned into resistance.
Support Levels to Watch
Break Below $56,000: A drop below $56,000 would signal a return to the bearish trend and could indicate a continuation of the larger downtrend. At the time of writing, Bitcoin was trading slightly above the $56k levels.
The Bitcoin chart shows that Bitcoin is losing some of its bullish momentum. The Relative Strength Index (RSI) has shown relatively horizontal highs, even as the price made new higher highs.
According to the analyst, this current price movement is similar to what happened in May, where Bitcoin experienced a major dump followed by a bounce from support. During that time, Bitcoin also broke above key resistance levels, flipped them into support, and saw short-term bullish momentum.
