- Bitcoin price suffers rejection from $65,500 as price fails to reclaim key resistance
- The crypto market suffers more price decline as BTC eyes $54,000
The price of Bitcoin could not succumb to bearing pressure in the late hours of Friday, 2 August 2024, as it struggled to break past the resistance of $65,500. Despite showing great momentum from Bitcoin bulls, the price was rejected to a region of $63,000 as it could be lower.
Although the price of Bitcoin has shown some great bullish signs in the past couple of weeks, this response in the price rally to the upside has raised a lot of uncertainty about whether the BTC price could be sustained to its previous all-time high.
Related Read – Bitcoin Reclaims Demand of $56,500 As Crypto Market Bounces
Crypto Market Prints Red As Bitcoin Declines
On-chain data from Coin360 show that the decline in Bitcoin’s (BTC) price has thrown the crypto market into a steep decline. Many altcoins, such as Ethereum (ETH), Dogecoin (DOGE), Toncoin (TON), Solana (SOL), and others, are suffering a shocking decline, and the market could print more red days in the coming days or weeks.
In addition to the current market decline, Toncoin (TON), which has shown much bullish price action in the past few months with its total value locked (TVL) rallying to a high of $17.1 billion, has shown a sign of weakness in recent days, as investors could be looking to buy into this promising project.
Bitcoin (BTC) 4hr Price Analysis
After closing below $62,000 on the daily timeframe, the price of Bitcoin (BTC) failed to show any sign of bullish momentum. The price of BTC looked weak on the weekend, and it hasn’t shown much sign of strength, breaking below $60,000.
At the time of writing, Bitcoin’s price is below $61,000 and below its 50-day exponential moving average (50-day EMA). Additionally, Bitcoin’s relative strength index (RSI) trades below its 40-mark region.
Looking at the 4HR chart, Bitcoin could be headed to the 54,000 region that has headed as the demand zone as the price bounced off this region in previous weeks as the price of BTC rallied swiftly to a high of $70,000.
Related Read – Analyst Predicts $330k Bitcoin As Solana fails to reclaim $160
Meanwhile, Bitcoin failed to break higher above its all-time high as its price aims to retest the region of $54,000. If the price retests this region, investors will look to buy more positions in BTC. A break below this region could see the price of Bitcoin trading lower to a region of $38,600, acting as sell-side liquidity or a demand zone for buyers.
While BTC struggles to find its footing, the price of Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) all suffered price decline as bulls would be looking to push prices higher from their demand zones of $2,800, $120, $0.07 respectively.
In conclusion, the key zone to watch for BTC remains $54,000. A break below this region could see the price trading lower to $38,000, acting as a strong demand zone or sell-side liquidity.
