Bitcoin price started another decline below the $57,200 zone. BTC is showing bearish signs and might soon test the $55,000 support zone.
Bitcoin is gaining pace below the $58,000 support zone.
The price is trading below $57,500 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support at $58,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could struggle to recover above the $57,650 or $58,000 resistance levels in the near term.
Bitcoin price extended losses below the $57,500 support levels. BTC even traded below the $57,200 support. There was a break below a connecting bullish trend line with support at $58,900 on the hourly chart of the BTC/USD pair.
A low was formed at $55,591 and the price recently started a recovery wave. There was a move above the $56,000 and $56,200 resistance levels. It cleared the 23.6% Fib retracement level of the downward move from the $59,773 swing high to the $55,591 low.
Bitcoin is now trading below $58,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $57,650 level or the 50% Fib retracement level of the downward move from the $59,773 swing high to the $55,591 low.
The first key resistance is near the $58,000 level. A clear move above the $58,000 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,800. A close above the $58,800 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance.
If Bitcoin fails to rise above the $58,000 resistance zone, it could start another decline. Immediate support on the downside is near the $56,350 level.
The first major support is $55,500. The next support is now near the $55,200 zone. Any more losses might send the price toward the $53,500 support 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 – $56,350, followed by $55,500.
Major Resistance Levels – $57,650, and $58,000.
[#item_full_content]NewsBTCRead MoreBitcoin hovered below $90,000 on Sunday as low liquidity, altcoin weakness and imminent U.S. and…
The price action of Bitcoin has been somewhat limited in the past few weeks, as…
The Bitcoin market has continued to consolidate within the $90,000 price zone over the last…
The crypto market has shown a modest price rebound in the last three weeks, returning…
Bitcoin is facing a critical juncture as its macro retracement converges with a tight mid-range…
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the…
