Bit Coin World reports:
Bitcoin failed to break through the resistance zone of $58,500 and has restarted its downward trend, possibly continuing to fall below $54,000.
The price has fallen below the $56,500 region and is below the $56,500 and 100-hour simple moving averages.
On the hourly chart of BTC/USD, a bearish trend line connecting the downward trend has formed, with resistance at $56,350 (data from Kraken).
In the current situation, Bitcoin may struggle to break through the resistance level of $58,000 and initiate a new uptrend.
Bitcoin price turns red
The Bitcoin price started to rebound above $57,000 and even rose above $58,000. However, bearish forces formed resistance near $58,500.
The high point of the price was $58,396, followed by a new round of decline, breaking through the key support levels of $57,000 and $56,500. The low point touched near $54,301, and the price is currently consolidating the decline near this level. From the high point of $58,396 to the low point of $54,301, the price has slightly increased, approaching the 23.6% Fibonacci retracement level.
The Bitcoin price is still below $56,500 and the 100-hour simple moving average. The immediate resistance to the upside is around $56,000, while the first key resistance is near $56,400.
On the hourly chart of BTC/USD, a bearish trend line connecting the downward trend has formed, with resistance at $56,350. This trend line is close to the 50% Fibonacci retracement level of the downward trend from the high point of $58,396 to the low point of $54,301. If this trend line is clearly broken, it may push the price towards the level of $57,400, and the next key resistance may be $58,400.
If the closing price can break through the resistance level of $58.40, it may initiate a steady rise in price and push the price further up. In this case, the price may test the resistance level of $60,000 in the next few trading days.
Looking for the bottom to welcome a bigger rise! Explore how three cryptocurrencies have the potential to grow hundreds of times in a bull market!
1. CHZ
Chiliz (CHZ) is a cryptocurrency in the sports field. Recently, Chiliz announced a partnership with the Australian platform PUML Better Health, which focuses on gamifying health and wellness activities. This collaboration introduces the “earn while exercising” model, encouraging sports enthusiasts to participate in the Chiliz digital ecosystem while engaging in sports activities. This integrates sports activities with blockchain rewards, redefining fan engagement in the sports industry.
Chiliz allows fans to participate in the management of their favorite sports teams. Fans can purchase various fan tokens, allowing them to have a closer connection with the clubs and create new sources of revenue for sports organizations. The platform has established partnerships with multiple major sports teams and collaborated with UFC and gaming organizations. By purchasing CHZ, fans can obtain fan tokens, thereby holding shares of the clubs.
2. ICP
ICP is the governance token of the Internet Computer project, representing the governance rights of the Internet Computer blockchain. This blockchain utilizes advanced encryption technology and promotes the concept of a “world computer” blockchain. Recently, ICP collaborated with the United Nations Development Programme (UNDP) and the DFINITY Foundation to launch the Universal Trust Certificate (UTC) program, aiming to improve financing channels for micro, small, and medium-sized enterprises (MSMEs) globally. The focus of this collaboration is to promote cross-border data trust, enhance domestic financing capabilities of MSMEs, and facilitate participation in international trade financing.
ICP has shown good liquidity despite its relatively high market value. Its 14-day relative strength index (RSI) is 37.51, indicating that the token is in a neutral state and may continue to consolidate. Despite a volatility of up to 15%, ICP has shown significant growth over the past year and has a strong market position, making it one of the most promising cryptocurrencies for investment.
3. OM
Recently, MANTRA announced a strategic partnership with MAG, a leading developer in the United Arab Emirates with a portfolio of over $5 billion in real estate investments. This collaboration aims to change the way real estate investments are made using blockchain technology. MANTRA’s blockchain infrastructure will provide a secure and transparent platform for tokenizing real estate, while MAG will contribute its extensive investment portfolio and expertise in the UAE real estate market. This partnership marks significant progress for both organizations in the real estate sector.
The initial focus of this alliance is the luxury residential development project Keturah Reserve in Dubai’s Meydan district. Through secure vault products, investors can access this non-traditional asset class and enjoy attractive returns supported by blockchain technology. This collaboration opens up new opportunities for real estate project financing, allowing investors to leverage the advantages of tokenization. After the announcement, the OM token saw a significant increase and has continued to rise. If the bullish trend continues, it may reach new all-time highs!
