All eyes on the King of Coins: Bitcoin price declines as US stock market Sinks
Currently trading at $57,552, bitcoin's technical outlook is currently focused on the critical $56,000 threshold. After encountering resistance at the 50% Fibonacci retracement level of $59,560âcalculated from the peak in late July to the trough in early AugustâBitcoin experienced a 2.78% decline on Tuesday. This downward momentum persisted on Wednesday, with an additional 1.5% drop bringing the price to $56,622, where it tested the daily support level at $56,022.Should Bitcoin's price breach this $56,022 support and close below it, further depreciation could ensue, potentially driving the cryptocurrency down by approximately 3.5% to revisit the psychological support level at $54,000.
Currently, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart are positioned below their neutral benchmarks of 50 and zero, respectively. This positioning indicates subdued momentum and suggests a likely continuation of the bearish trend.
Conversely, if Bitcoin manages to surpass the $59,560 resistance level and secure a close above the 61.8% Fibonacci retracement level at $62,019, it would negate the bearish outlook. In such a scenario, the cryptocurrency could extend its upward trajectory, potentially climbing an additional 5.5% to challenge the daily resistance level at $65,379.
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