Bitcoin’s price fell and it retested $55,600 as a support level. BTC has been struggling recently and could face obstacles near the $57,000 level of resistance.
- Bitcoin has struggled to move above the $57,750 level.
- This price trades below $57,200. The 100-hour Simple moving average is also trading lower.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with resistance of $57,050 (data feed by Kraken).
- Near-term, it is possible that the pair will struggle to move above resistance levels of $57,000 and $57750.
Bitcoin Prices Drop Again
Bitcoin prices are being attempted. recovery wave The price is now above $58,500. The bears are active around the $58,500 level of resistance. After a price decline, a new high at $58,508 formed.
The price retested $55,600 as a support level. The price has recently begun a wave of recovery after forming a new low at $55,601. A move was made above the resistance levels of $56,000 & $56,200. It broke the Fib 23.6% retracement from the upward move between the swing high of $58,508 and the $55,601 bottom.
Bitcoin now trades below $57,000 and is a thriving cryptocurrency. 100 hourly Simple moving average. The price may face some resistance on the upside near $57,000. A bearish line is developing with resistance near $57,050. This can be seen on the BTC/USD hourly chart.
The trendline is near the Fib 50% retracement of the decline from the swing high $58,508 to the low $55,601. First key resistance near $57,750. The price could move higher if it clears the $57750 resistance.
Next key resistance might be at $58,500. If the price closes above $58,500, it could spark further upsides. Price could test $60,000 in the case stated.
BTC to decline again?
Bitcoin could begin a new decline if it fails to break through the resistance level of $57,750. The immediate support for Bitcoin’s downside is around the $56,000 mark.
First major support at $55,600. Now, the next major support zone is nearer $55,000. If the market continues to fall, it could push the price down towards $53,500 in the near future.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $56,000, followed by $55,600.
Major Resistance Levels – $57,050, and $57,750.
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Source: www.newsbtc.com
