Bitcoin started a new decline, why BTC can test 55,000 US dollars

Bitcoin failed to clear the $60,000 resistance zone against the U.S. dollar. BTC is falling and may extend its loss to US$55,000 in the short term.

  • Bitcoin struggled to recover above the resistance levels of $60,000 and $60,500.
  • The price is now below $58,500 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD currency pair (data feed from Kraken), the key bullish trend line was broken, and the support level was near $59,200.
  • The currency pair is falling, and it seems that the bears are aiming to lose more below $56,500.

Bitcoin price turns red

Bitcoin price tried Recovery wave Above the resistance zone of 58,500 USD. BTC soared above the $60,000 area, but there is no real bullish momentum.

As a result, the price began to break below the level of 59,200 US dollars. The price is below the $58,500 support area and the 100-hour simple moving average. In addition, on the hourly chart of the BTC/USD currency pair, the key bullish trend line was broken, and the support level was near $59,200.

Bitcoin’s trading price is below the 50% Fibonacci retracement level of the rising wave, rising from a low of $55,674 to a high of $60,050.It is currently trading at less than $58,500, and 100 hour simple moving average.

The immediate support is around 57,350 USD. It is close to the 61.8% Fibonacci retracement level of the rising wave, from a swing low of $55,674 to a high of $60,050. The first major support level is now formed near $56,500. A fall below the $56,500 level may trigger more losses.

Source: BTCUSD on TradingView.com

The main support levels are around 55,500 USD and 55,000 USD. Any more losses may lay the foundation for a short-term step towards the $52,000 support zone.

The new recovery of BTC?

If Bitcoin remains above the $56,500 support level, it may start a new rise. On the bright side, the initial resistance is near $58,000.

The first key resistance is near the $58,500 and the 100-hour simple moving average. The next major resistance is near 59,200 USD, above which the price may rise to 60,000 USD. Any more gains could cause the price to rise to the level of $61,200.

Technical index:

Hourly MACD – The MACD is now accelerating in the bearish zone.

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

The main support levels – 56,500 USD, then 55,500 USD.

The main resistance levels – 58,500 USD, 59,200 USD and 60,000 USD.

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