Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price failed to start a recovery wave above the $61,500 resistance zone. BTC started another decline and might dive toward $55,000.
- Bitcoin started a fresh decline and traded below the $58,500 zone.
- The price is trading below $60,000 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance at $58,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might struggle to start a fresh increase above the $60,000 resistance zone.
Bitcoin Price Extends Losses
Bitcoin price struggled to start a decent recovery wave above the $61,500 resistance level. The bears remained in action and pushed BTC below the $60,000 support zone. There was a sharp decline below the $58,500 level.
The price even spiked below the $57,000 level. A low was formed at $56,650 and the price is now consolidating losses. It seems like the bulls are struggling to start a recovery wave from the $56,650 level as the price is now well below the 23.6% Fib retracement level of the downward move from the $63,800 swing high to the $56,650 low.
Bitcoin price is now trading below $60,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance at $58,350 on the hourly chart of the BTC/USD pair.
If there is a decent increase, the price could face resistance near the $57,500 level. The first key resistance is near the $58,350 level and the trend line. A clear move above the trend line might send the price toward the $60,000 level.
The next key resistance could be $60,200 and the 50% Fib retracement level of the downward move from the $63,800 swing high to the $56,650 low. A clear move above the $60,200 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $61,500 resistance.
More Losses In BTC?
If Bitcoin fails to climb above the $58,350 resistance zone, it could continue to move down. Immediate support on the downside is near the $56,650 level.
The first major support is $56,200. The next support is now forming near $55,800. Any more losses might send the price toward the $55,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $56,650, followed by $55,000.
Major Resistance Levels – $58,350, and $60,000.
