$BTC As of September 16, 2024, Bitcoin was trading at $58,578, within a 24-hour range of $58,231 to $60,366. The leading crypto asset has seen a 24-hour trading volume of $26.95 billion, with a market cap of $1.15 trillion. Despite this high liquidity, Bitcoin is having difficulty breaking through key resistance levels, as technical indicators show mixed momentum.

Bitcoin

The Bitcoin hourly chart shows a clear downtrend, with prices falling from $60,388 to $58,124. Lower highs and lows signal bearish momentum, although there have been recovery attempts near the $58,500 level. Unfortunately, low volume does not indicate a strong reversal. Resistance lies between $60,000 and $60,300, while $58,000 acts as important psychological and technical support.

BTC/USD 4-hour chart.

On the 4-hour chart, Bitcoin’s recent drop from $60,670 has turned into sideways trading, indicating market indecision. Although volume is moderate, the lack of a significant rally suggests weak momentum. Support at $58,000 is visible on both the 1-hour and 4-hour charts, highlighting its importance. Meanwhile, resistance at $60,000 remains. If Bitcoin can break above $59,000 on increasing volume, an upside momentum could follow, although the current trend remains biased to the downside.

The daily chart highlights a broader downtrend, extending from a local high of $65,103 and dipping around $52,546 before attempting a recovery. The $60,000 level remains a difficult barrier, and recent action has shown lower highs, suggesting further losses are possible without a surge in momentum. Solid support at $55,000 acts as insurance, but buying confidence is clearly lacking.

In terms of oscillators, the Relative Strength Index (RSI) is at a neutral 50 level, reflecting indecision. Stochastics at 82 signal that overbought conditions may limit short-term gains. However, momentum indicators such as the Delightful Oscillator and Momentum are showing some bullish signals, pointing to a possible short-term rebound if conditions are favorable.

Moving averages (MAs) are giving a mixed outlook. Short-term averages such as the 10-day and 20-day exponential moving averages (EMAs) are leaning toward bullishness, but longer-term averages, especially the 50-day and 200-day, are showing bearish signals. This gap suggests that while short-term gains are possible, Bitcoin remains at risk of further losses unless strong buying power emerges #square