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 stay above $60,000 and started a fresh decline against the US Dollar. BTC could extend losses below $55,000 in the near term.
- Bitcoin started a fresh decline from the $61,000 resistance zone.
- The price is now trading below $58,000 and the 100 hourly simple moving average.
- There is a key bearish trend line with resistance near $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses below $55,500 and $55,000 in the near term.
Bitcoin Price Gains Bearish Momentum
Bitcoin price attempted a recovery wave above the $60,000 level. However, BTC failed to gain strength above $60,500 and started a fresh decline. There was a sharp decline below $60,000 and the 100 hourly simple moving average.
The bears gained strength for a move below the $58,000 support level. The price even traded below the $56,500 level. A low is formed near $55,858 and the price is still trading with a bearish angle.
An initial resistance on the upside is near the $56,500 level. The first major resistance is near the $57,000 level. It is close to the 23.6% Fib retracement level of the recent decline from the $60,964 swing high to $55,858 low. There is also a key bearish trend line with resistance near $58,000 on the hourly chart of the BTC/USD pair.
The main resistance is now forming near the $58,000 and $58,500 levels. It is close to the 50% Fib retracement level of the recent decline from the $60,964 swing high to $55,858 low.
A proper close above the $58,500 level could set the tone for a steady recovery. The next major resistance is near the $59,800 and $60,000 levels. Any more gains could open the doors for a move towards the $61,200 level.
More Losses in BTC?
If bitcoin fails to recover above the $58,000 resistance zone, it could extend decline. An immediate support on the downside is near the $55,500 level.
The first major support is now forming near the $55,200 level. The next major support is near the $55,000 level, below which the bears might aim more downsides. In the stated case, the price may perhaps slide towards the $53,500 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 well below the 50 level.
Major Support Levels – $55,500, followed by $55,000.
Major Resistance Levels – $56,500, $57,000 and $58,500.
