Bitcoin price has declined and retested the $55,600 support zone. BTC is currently struggling and may face hurdles near the $57,000 resistance level.
- Bitcoin is struggling to rise above $57,750.
- The price is trading below $57,200 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 $57,050.
- In the near term, the pair may find it difficult to rise above the resistance levels of $57,000 or $57,750.
Bitcoin Price Falls Again
Bitcoin price attempted to make a recovery wave above $57,500. However, bears were active near the resistance level of $58,500. The maximum was formed at $58,508, and the price began a new decline.
It retested the $55,600 support zone. The low was formed at $55,601 and the price recently started a recovery wave. There was a move above the $56,000 and $56,200 resistance levels. It broke the 23.6% Fib retracement level of the downside move from the $58,508 swing high to the $55,601 low.
Bitcoin is currently trading below $57,200 and the 100-hour simple moving average. On the downside, the price may face resistance near $57,000. There is also a connecting bearish trendline forming with resistance at $57,050 on the hourly chart of the BTC/USD pair.
The trendline is close to the 50% Fibonacci retracement level of the downward move from the swing high at $58,508 to the low at $55,601. The first key resistance is near the $57,750 level. A clear move above the $57,750 resistance could push the price even higher in the coming sessions.
The next key resistance could be $58,500. A close above the $58,500 resistance could trigger more upside. In this case, the price could rally and test the $60,000 resistance.
Another BTC Drop?
If Bitcoin fails to rise above the $57,750 resistance zone, it could begin a new decline. Immediate support on the downside is near the $56,000 level.
The first major support is $55,600. The next support is now around the $55,000 zone. Any further losses could send the price towards the $53,500 support in the near future.
Technical indicators:
Hourly MACD – MACD is now losing momentum in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
The main support levels are $56,000, then $55,600.
The main resistance levels are $57,050 and $57,750.
