The Bitcoin/U.S. dollar exchange rate is working hard to recover to above 57,500 U.S. dollars. BTC is falling, and may accelerate below USD 55,000 in the short term.
- Bitcoin is facing resistance near the critical $58,000 and $57,500.
- The price is now below $57,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD currency pair (data feed from Kraken), a key bearish trend line is formed, and the resistance is near 57,300 USD.
- The currency pair is under pressure and may further fall below US$55,500 in the short term.
Bitcoin price faces obstacles
Bitcoin price Try another upside breakout Above the resistance zone of 58,000 USD. However, BTC failed to gain a significant break through the levels of 57,500 USD and 58,000 USD.
A high was formed near 57,850 USD, and the price started a new decline. It fell below the levels of 57,500 USD and 57,200 USD. The bears pushed the price down below the 50% Fibonacci retracement of the uptrend, from a swing low of $55,362 to a high of $57,850.
Bitcoin is now trading at less than $57,500, 100 hour simple moving averageOn the hourly chart of the BTC/USD currency pair, there is also a key bearish trend line formed, with resistance near 57,300 USD.
The immediate support is near $56,300. It is close to the 61.8% Fibonacci retracement level that moved upward from the swing low of $55,362 to the high of $57,850. The first major support level is now formed near $56,000. The main breakdown support level is still close to the level of $55,500.
Source: BTCUSD on TradingView.com
A fall below the $55,500 level may trigger more losses. Under the above circumstances, the price may even fall below the $55,000 level. The next major support level may be near $53,200.
Bitcoin has limited upside?
If Bitcoin remains above the $55,500 support level, it may try a new wave of recovery. On the bright side, the initial resistance is near $57,000.
The first key resistance is near 57,500 USD and the trend line area. The next major resistance is around 57,850 USD and the 100-hour simple moving average, above which the price may rise to 59,200 USD.
Hourly MACD – The MACD is now accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
The main support level – 56,000 USD, then 55,500 USD.
The main resistance levels-57,200 USD, 57,500 USD and 58,000 USD.