Will Bitcoin be able to surpass the critical level of $58K?

Bitcoin, the largest cryptocurrency by market capitalization, has been in the spotlight in the financial world due to its volatility and potential for big profits. As of early July 2024, Bitcoin has shown discouraging trends in its price, raising concerns among investors. In this article, we will analyze whether Bitcoin can overcome the $56,000 resistance level and what factors could influence its price in the near future.

Since the beginning of July, the price of Bitcoin has fallen significantly, dragging the global cryptocurrency market with it. The total market capitalization of cryptocurrencies has decreased to $2.05 trillion, a loss of more than one hundred billion dollars. This drop is attributed in part to refunds from Mt. Gox,

In the last 24 hours, Bitcoin formed a low near $57,260, showing a rise of 3

0.35%. Currently, the price seems to have entered a consolidation phase. However, the daily trading volume has increased by 30.58%, reaching $26 billion, indicating significant activity in the market.

Bitcoin's fear and greed index stands at 27, reflecting intense fear among investors. Bitcoin's daily RSI is at 30.36, signaling that the asset is in the oversold zone.

Predictions for bitcoin price

Bullish scenario

In a bullish scenario, if Bitcoin bulls manage to overcome the current selling pressure and regain market momentum, BTC price could break the $56,000 resistance level. This would require a significant increase in purchasing volume and a shift in market sentiment towards a more optimistic outlook.

Bearish scenario

In a bearish scenario, if the bears continue to dominate the market, Bitcoin could fall below $55,000 and find support within the $54 range.000 to $55,200. In this case, it is likely the fear index.