As we approach the end of the first week of September 2024, the Bitcoin price is struggling to find momentum. After a promising start to the month, the cryptocurrency has failed to break through the $58,000 resistance level, leaving investors and traders wondering if the bulls can step in to save the week.
Current Market Situation
At the time of writing, the Bitcoin price is hovering around $56,500, down approximately 2% over the past 24 hours. The cryptocurrency has been trading in a narrow range between $55,600 and $57,750, with the 50% Fib retracement level of the downward move from the $58,508 swing high to the $55,601 low serving as a key resistance level.
Technical Indicators
The hourly MACD is losing pace in the bearish zone, while the hourly RSI is near the 50 level, indicating a neutral sentiment. The major support levels are $56,000, followed by $55,600, and the next support is near the $55,000 zone. Any more losses might send the price toward the $53,500 support in the near term.
Bullish Scenario
If the bulls can step in and push the price above the $57,750 resistance level, it could spark more upside momentum. In this scenario, the price could rise and test the $60,000 resistance level. A close above the $60,000 resistance might signal a more significant upward move.
Bearish Scenario
On the other hand, if the bears continue to dominate the market, the price could break below the $56,000 support level. This could lead to a more significant decline, with the next support level at $55,600 and then $55,000.
What's Next?
As we approach the end of the week, investors and traders will be closely watching the Bitcoin price action. Can the bulls step in and save the week, or will the bears continue to push the price lower? The next 48 hours will be crucial in determining the direction of the cryptocurrency market keepteye on it.
