{"id":24990,"date":"2024-07-14T17:00:22","date_gmt":"2024-07-14T14:00:22","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24990"},"modified":"2024-07-14T10:02:42","modified_gmt":"2024-07-14T07:02:42","slug":"bitcoin-price-recovery-faces-resistance-at-58000-amid-bearish-trend","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-price-recovery-faces-resistance-at-58000-amid-bearish-trend\/","title":{"rendered":"Bitcoin Price Recovery Faces Resistance at $58,000 Amid Bearish Trend"},"content":{"rendered":"<p>Rising back to the $58,000 mark after a five-month low of $53,500, the <strong>Bitcoin<\/strong> price has lately exhibited indicators of recovery. Technical study, however, indicates that the digital asset would find it difficult to overcome important benchmarks, therefore maybe returning lower pricing levels.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-price-recovery-faces-resistance-at-58000-amid-bearish-trend\/#Bearish_Trend_Indicators\" title=\"Bearish Trend Indicators\">Bearish Trend Indicators<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-price-recovery-faces-resistance-at-58000-amid-bearish-trend\/#Support_from_Bitcoin_ETFs\" title=\"Support from Bitcoin ETFs\">Support from Bitcoin ETFs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-price-recovery-faces-resistance-at-58000-amid-bearish-trend\/#Long-Term_Holder_Accumulation\" title=\"Long-Term Holder Accumulation\">Long-Term Holder Accumulation<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Bearish_Trend_Indicators\"><\/span>Bearish Trend Indicators<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Based on the <strong>bearish<\/strong> <strong>D1<\/strong> <strong>trend<\/strong> <strong>signal<\/strong> on the 12-hour chart, market analyst Jackis emphasizes the importance of Bitcoin in reclaiming the $64,000 zone to reverse the general negative daily trend. Jackis underlines that the D1 trend signal stays negative even if the price of Bitcoin launches a second leg upward to $60,300; unless BTC manages to reclaim the $64,000 zone, which has previously shown to be a huge obstacle for the bulls.<\/p>\n<p><strong>Jackis<\/strong>&#8216;s study indicates that the next daily leg&#8217;s goal range is expected to be between $51,000 and $49,000, with a critical milestone around $63,800 that bulls have to aim to reverse the daily trend.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Support_from_Bitcoin_ETFs\"><\/span>Support from Bitcoin ETFs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Notwithstanding the cautious view, there are positive indicators like large inflows to<strong> Bitcoin exchange-traded funds (ETFs)<\/strong> and long-term holders building more Bitcoin. With an average daily value of $175 million and spot Bitcoin ETFs seeing inflows of $882 million for the week ending July 11, JPMorgan data showed the greatest inflows since May 23.<\/p>\n<p>Attracting $403 million and $361 million respectively, BlackRock&#8217;s IBIT ETF and Fidelity&#8217;s FBTC drove the jump. Grayscale&#8217;s ETF, meanwhile, kept following its outflow pattern, losing around $87 million after three weeks of withdrawals totaling more than $1.1 billion in the ETF market.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Long-Term_Holder_Accumulation\"><\/span>Long-Term Holder Accumulation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Supporting the positive view, crypto analyst CryptoSoulz examined Bitcoin&#8217;s price performance in July in great detail and discovered that long-term holders have amassed BTC totaling over 85,000 BTC over the last thirty days. The expert claims that this build-up by long-term investors is a positive stimulus for the price, therefore expressing faith in the promise of Bitcoin.<\/p>\n<p>Anticipating a comeback from this level, especially given the recent unfavorable news, CryptoSoulz says Bitcoin is now finding support in the higher time frame (HTF). The expert clarified further, nevertheless, that the next level of support is likely around $49,500 should the Bitcoin price fall short of the $54,000 zone in the upcoming days.<\/p>\n<p>Right present, the price of <strong>Bitcoin<\/strong> is $58,130; it has surged only 2.13% in the 24-hour period as BTC seeks to consolidate above the specified critical levels.<\/p>\n<p><i><span style=\"font-weight: 400\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"><i><span style=\"font-weight: 400\">Telegram, <\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400\">YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400\">, and <\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"><i><span style=\"font-weight: 400\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> channels for the latest <\/span><\/i><a href=\"https:\/\/coinengineer.net\/blog\/news\/\"><i><span style=\"font-weight: 400\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rising back to the $58,000 mark after a five-month low of $53,500, the Bitcoin price has lately exhibited indicators of recovery. Technical study, however, indicates that the digital asset would find it difficult to overcome important benchmarks, therefore maybe returning lower pricing levels. Bearish Trend Indicators Based on the bearish D1 trend signal on the<\/p>\n","protected":false},"author":6,"featured_media":24991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9,657,1,2],"tags":[7370,61,477],"class_list":["post-24990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-analysis","category-crypto-news","category-en","category-genel","category-news","tag-bearish-trend","tag-bitcoin","tag-bitcoin-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Price Recovery Faces Resistance at $58,000 Amid Bearish Trend - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-price-recovery-faces-resistance-at-58000-amid-bearish-trend\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Recovery Faces Resistance at $58,000 Amid Bearish Trend - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Rising back to the $58,000 mark after a five-month low of $53,500, the Bitcoin price has lately exhibited indicators of recovery. 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