Bitcoin price continued to fall below the $58,500 support zone. BTC is struggling and may continue to move down to the $55,000 support zone.
- Bitcoin is gaining momentum below the $60,000 support zone.
- The price is trading below $59,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a connecting bearish trend line forming with resistance at $58,400.
- The pair may continue to fall if it fails to hold above the support at $57,200.
Bitcoin Price Continues to Fall
Bitcoin price started a new decline and was trading below the $60,000 support level. The bears were able to push the price below the $58,500 support level. BTC even jumped below $57,200.
The low was formed at $57,124 and the price is now consolidating losses. There was a small wave of recovery, but the price remains well below the 23.6% Fibonacci retracement level of the recent decline from the swing high of $60,954 to the low of $57,124.
Bitcoin is currently trading below $60,000 and the 100-hour simple moving average. There is also a connecting bearish trend line forming with resistance at $58,400 on the hourly chart of the BTC/USD pair.
On the downside, the price may face resistance near the $58,000 level. The first key resistance is near the $58,400 level and the trend line. A clear break above the $58,400 resistance could send the price even higher in the coming sessions.
The next key resistance could be $59,040 or the 50% Fibonacci retracement level of the recent decline from the $60,954 swing high to $57,124 low. A close above the $59,040 resistance could spark more gains. In that case, the price could rally and test the $60,000 resistance.
More BTC Disadvantages?
If Bitcoin fails to rise above the $58,400 resistance zone, it could begin a new decline. Immediate support on the downside is near the $57,200 level.
The first major support is $56,500. The next support is now around the $56,200 zone. Any further losses could send the price towards the $55,000 support in the near future.
Technical indicators:
Hourly MACD – MACD is currently gaining momentum in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
The main support levels are $57,200, then $56,500.
The main resistance levels are $58,000 and $58,400.
