Bitcoin’s price has failed to begin a wave of recovery above the $58,500 zone. BTC has started another fall and could extend losses to below $54,000.
- Bitcoin began a new decline, trading below $56,500.
- This price has fallen below both the Simple 100-hour moving average and the $56,500 mark.
- On the hourly BTC/USD chart, there is a bearish line connecting with a resistance of $56,350 (data from Kraken).
- They may struggle to increase their price above $58,000.
The Bitcoin price turns red
Bitcoin Price started at a recovery wave Above the $57,000 mark. BTC has even moved above $58,000. The bears, however, were very active around the $58,500 zone of resistance.
At $58,396 a new high formed and the price began a downward trend. The price dropped below the $57,000-$56,500 mark. Price is now consolidating loss after forming a new low at $54,301. A minor rise was seen towards the Fib 23.6% retracement of the decline from the swing high $58,396 to the low $54,301.
Bitcoin is currently trading at a price below $66,500. 100 hourly Simple moving average. The immediate resistance to the upside lies near $56,000. The $56,400 mark is the first major resistance.
On the hourly BTC/USD chart, there is also an overlapping bearish trendline with a resistance of $56,350. The 50% Fib level is the trendline’s location. It represents the downward movement from the $58,396 high swing to the $54,301 bottom. The price could move toward $57,400 if the trendline is broken. If the price moves above the trend line, it could reach a level of $57,400. next The key resistance is $58,400.
Close above the $58,40 support could trigger a gradual increase in price. The price may rise in this case and reach the resistance of $60,000 over the next few sessions.
BTC: More losses in the BTC market?
Bitcoin could fall further if it fails to break through the resistance level of $56,400. Support on the downside near $54,400 is immediate.
First, you will receive $53,650. First major support is $53,650. next Now, support is forming around $53,200. In the short term, any further losses could send the price towards the support area of $52,000.
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 – $54,400, followed by $53,500.
Major Resistance Levels – $56,400, and $58,400.
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Source: www.newsbtc.com