BITCOIN

Bitcoin starts to decline fresh, why BTC could test $ 55k


Bitcoin has failed to clear the অঞ্চ 60,000 resistance zone against the US dollar. BTC is going low, and it could extend the loss to $ 55,000 in the near term.

  • Bitcoin struggled to recover above the $ 60,000 and $ 60,500 resistance levels.
  • Prices are now trading below the simple moving average of $ 58,500 and 100 hours.
  • The hourly chart of BTC / USD pair (data feed from Kraken) had a break below a key bullish trend line with support near $ 59,200.
  • The pair is declining, and the bears appear to be targeting further losses below $ 56,500.

Bitcoin prices have turned red

Bitcoin’s price has tried to recover above the ,500 58,500 resistance zone. BTC rose above the $ 60,000 zone, but there was no real bullish momentum.

As a result, the price has started a new fall below the 59,200 level. The price traded below the ,500 58,500 support zone and the simple moving average in 100 hours. Also, the hourly chart of the BTC / USD pair had a break below a key bullish trend line with support near 59,200.

Bitcoin traded below the 50% Fib retracement level of the upward wave from $ 55,674 swing low to $ 60,050 high. It is now trading below $ 58,500 and a simple moving average of 100 hours.

An immediate support near the $ 57,350 level. It is $ 60,050 higher than the লো 55,674 swing low near the 61.8% Fib retracement level of the upward wave. The first major support is now forming near the $ 56,500 level. A downside break below the $ 56,500 level could cause further damage.

Source: BTCUSD on TradingView.com

Major support is near the $ 55,500 and $ 55,000 levels. Any further losses are likely to set the pace for the $ 52,000 support zone in the near term.

Fresh recovery at BTC?

If Bitcoin stays above the 56,500 support, it could start a new rise. Conversely, an initial resistance is near the $ 58,000 level.

The first key resistance is near the $ 58,500 level and a simple moving average in 100 hours. The next major resistance sits near the 59,200 level, above which the price could move towards the 60,000 level. Any further gains could push the price to the 61,200 level.

Technical indicators:

Hourly MACD – MACD is now moving in the bearish zone.

Hourly RSI (Relative Strength Index) – BTC / USD RSI is now below 50 level.

Main support level – $ 56,500, then $ 55,500

Major resistance levels – $ 58,500, $ 59,200 and $ 60,000.



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