Bitcoin’s price continued to fall below the support level of $58,500. BTC could move further down towards the $55,000 zone.
- Bitcoin continues to gain momentum under the $60,000 zone of support.
- It is currently trading at a price below $59,000, and it’s moving lower than the 100-hour Simple Moving average.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with resistance around $58,400. (Data feed from Kraken).
- It is possible that the pair will continue to lose if they fail to hold above 57,200.
Bitcoin Price Extends Losses
Bitcoin Price started at a fresh decline The price traded under the support level of $60,000. The bears were successful in pushing the price under the support level of $58,500. BTC actually spiked under $57200.
The price has now reached a low of $57,124. It is consolidating its losses. A minor recovery was seen, however the price remains well below the 23,6% Fib level of recent declines from the 60,954 swing low to the $57124 low.
Bitcoin now trades below $60,000. 100 hourly Simple moving average. A connecting trend line is also developing with resistance around $58,400 in the BTC/USD hourly chart.
Price could be facing resistance at the level of $58,000. First, the price will face resistance near $58,400 and the trendline. The price could move higher in future sessions if the resistance level of $58,400 is broken.
It is important to note that the word “you” means “you”. next The key resistance level could be $59 040 or 50% of the Fib retracement from the recent drop between the swing high at $60 954 and the low of $57 124. If the price closes above $59,040 then it could spark further upsides. Price could test $60,000 in the case stated.
BTC – More negatives in the future?
Bitcoin’s next decline could be triggered if the price fails to climb above $58,400. Support on the downside near $57,200 is immediate.
First, you will receive $56,500. The first major assistance is $56,500. next The support zone is close to $56,200. If the market continues to fall, the support level could be pushed closer to $55,000 in the short term.
Indicators of 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 – $57,200, followed by $56,500.
Major Resistance Levels – $58,000, and $58,400.
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Source: www.newsbtc.com