• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

Bitcoin Turns Red, Why Bears Aim A Retest of $55K

Aayush Jindal by Aayush Jindal
6 months ago
in BTC
Reading Time: 2 mins read
Advertisement

Bitcoin price extended decline below the $60k support against the US Dollar. BTC could extend losses towards $55k in the coming sessions.

  • Bitcoin started a fresh decline below the $65k and $62k support levels.
  • The price is now trading below $60,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses below the $58,500 and $57,500 support levels in the near term.

Bitcoin Price Gains Bearish Momentum

Bitcoin price started a fresh decline from well above the $65,000 zone. BTC traded below the key $65,000 support level to enter a bearish zone.

There was a clear break below the $62,000 support and the 100 hourly simple moving average. Finally, the price traded below the main $60,000 support zone. A low is formed near $58,630 and the price is now consolidating losses.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

On the upside, an immediate resistance is near the $60,000 level. The first major resistance is near the $60,450 level. It is close to the 23.6% Fib retracement level of the key decline from the $66,350 swing high to $58,630 low.

There is also a key bearish trend line forming with resistance near $61,000 on the hourly chart of the BTC/USD pair. A clear break above $61,000 resistance may possibly call open the doors for a steady recovery. The next major resistance sits near the $62,500 level.

Bitcoin Price

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the key decline from the $66,350 swing high to $58,630 low is also near the $62,500 level to act as a key hurdle. A move above the $62,500 level might start a fresh rally.

More Losses in BTC?

If bitcoin fails to recover above the $61,000 resistance zone, it could extend decline. An immediate support on the downside is near the $58,800 level.

The first major support is now forming near the $58,650 level. The next major support is near the $58,000 level, below which the bears might aim a retest of 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 – $58,500, followed by $58,000.

Major Resistance Levels – $60,450, $61,000 and $62,500.

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Extreme fear

Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low

5 hours ago
Bitcoin

TA: Bitcoin Price Moves Higher In Range, $30.6K Still Presents Resistance

19 hours ago
Bitcoin

TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited

2 days ago
bitcoin

Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?

2 days ago
Bitcoin

Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle – Analysts Weigh In

3 days ago
Bitcoin

TA: Why Bitcoin Price Could Explode Above $30.6K In Near-term

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Chronoly (CRNO) Takes Number 1 Spot at Project To Invest In 2022 Over Fantom (FTM) and Anchor Protocol (ANC)

May 25, 2022

Pancakeswap to Start Listing Metallika token (METALLIKA)

May 25, 2022

Ariva celebrates 1st year anniversary with impressive achievements in the blockchain industry

May 25, 2022

LBank Exchange Will List Globiance Exchange Token (GBEX) on May 25, 2022

May 25, 2022

LBank and Adanian Labs Powers Hackathons, Blockchain Education, and Ecosystem Development for Africa

May 25, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.