Btc Faces Strong Resistance

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Btc Faces Strong Resistance

Bitcoin (Btc) Faces Strong Resistance

Bitcoin (BTC) appears to be struggling with around $58,500 in resistance over the last 3 days. Right now, Bitcoin (BTC) is seen trading at just around $57,320, with an increase of 1.12% for the day.

Data from the on-chain analysis shows the earnings of miners have dipped below the average. In simple words, this is a sign of less selling pressure or a reduction in profitability.

On Tuesday, an inflow amount of $294.8 million was seen in the Bitcoin ETFs, one of the highest levels in almost a month. Furthermore, technical analysis reveals that the AO (Awesome Oscillator) and RSI also show that an upward rally is on the cards.

Rsi &Amp;Amp; Ao Hints At Bullish Bitcoin (Btc)

However, the biggest hurdle for Bitcoin (BTC) is the next resistance on the weekly timeframe around the $58,500 level. Even before that, Bitcoin (BTC) will need to clear the $58,000 resistance before targeting the next one.

On the Bitcoin (BTC) D1 chart, a lower low has formed which also hints at a bullish pressure, similar to what we are seeing in the RSI. This is a sign that Bitcoin (BTC) will go through a bullish divergence in the short term.

However, if Bitcoin (BTC) can manage to clear the resistance levels at $58,375 and then $58,500, it will mean another 9% upside. This will lift the cryptocurrency to near $63,956 which is also a major level to watch out.

Another scenario is that Bitcoin (BTC) will close below the daily support level of around $52,266. If that happens, the Bitcoin (BTC) will turn lower and will likely lose 4% of its value. This will send the Bitcoin (BTC) towards the $50,521 which is also a major support.

Over all, the sentiment surrounding the Bitcoin (BTC) is bullish in the short-term. However, it seems investors want to know more about the Fed's intentions on the rate cuts before making their next move.

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