Maintaining Gains Dependent on the 100-Day Simple Moving Average

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    <p><em>Bitcoin's value underwent a resurgence, surpassing the $55,000 mark as a resistance point. For sustained upward momentum, BTC is tasked with breaching the 100-hourly Simple Moving Average (SMA).</em></p>
    <ul>
        <li>Bitcoin has initiated an uptick, crossing the thresholds at $53,500 and $55,500.</li>
        <li>Currently, the currency's value hovers beneath $58,000 and the influential 100-hourly SMA.</li>
        <li>An hourly BTC/USD chart (with data sourced from Kraken) reveals an evolving contracting triangle pattern, with a resistance line around $57,500.</li>
        <li>The pair may face hurdles surpassing the resistance area at $58,000.</li>
    </ul>
    <h2>Appreciable Growth in Bitcoin's Market Price</h2>
    <p>A solid foundation enabled Bitcoin to embark on an upward trajectory, cutting through the resistance zone starting at $52,500. The ascent of BTC continued past the resistances at $53,500 and $55,500.</p>
    <p>It soared past the 61.8% Fib retracement level, charting the descent from a high of $61,040 to a low of $49,110, and managed to elevate above the resistance zone at $56,500. Still, resistance is anticipated around $58,000.</p>
    <p>Bitcoin still trades below $58,000 and its significant 100-hourly SMA. The resistive force could play at around $57,500. The aforementioned contracting triangle on the hourly BTC/USD chart may cap upward movements.</p>
    <p>Noteworthy resistance lies near $58,250, aligning with the 76.4% Fib retracement of the drop from the swing high of $61,040 to the low of $49,110.</p>
    <figure id="attachment_633633" aria-describedby="caption-attachment-633633" style="width: 1024px" class="wp-caption alignnone">
        <a target="_blank" href="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_adc4a8.png?resize=1024%2C461">
            <img decoding="async" class="wp-image-633633 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_adc4a8.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin_adc4a8.png?resize=1024%2C461 various sizes" sizes="(max-width: 1000px) 100vw, 1000px" loading="lazy" data-recalc-dims="1"/>
        </a>
        <figcaption id="caption-attachment-633633" class="wp-caption-text">Source: <a target="_blank" href="https://www.tradingview.com/symbols/BTCUSD/">BTCUSD on TradingView.com</a></figcaption>
    </figure>
    <p>Breaking through the $58,250 resistance level may propel the price into an even stronger uptrend. Subsequent resistance is envisioned at $59,200, with a significant impediment at $60,000. A definitive surge past the $60,000 barrier could ignite a bullish wave, driving the price towards the $62,000 benchmark.</p>
    <h2>Potential for a Further Bitcoin Downtrend?</h2>
    <p>Lack of strength to eclipse the $58,250 resistance zone might set Bitcoin up for another fallback. Immediate support is perceived near the $56,000 level.</p>
    <p>A pivotal support fixture is at $55,000. Further down, support consolidates around $53,500. Should it decline further, the asset could be steered towards the support vicinity of $52,000.</p>
    <p>Technical indicators:</p>
    <p>Hourly MACD – The MACD indicator is actively leaning into the bullish sphere.</p>
    <p>Hourly RSI (Relative Strength Index) – BTC/USD's RSI is presently stationed just above the midpoint of 50.</p>
    <p>Primary Support Levels – Firstly at $56,000, and next at $55,000.</p>
    <p>Primary Resistance Levels – Encountered first at $57,500, and then at $58,250.</p>
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