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Bitcoin price started declining again after the USD 60,650 resistance. BTC is now at risk of more downside below the USD 57,500 support zone.
- Bitcoin corrects gains and reaches a bearish pace below the USD 59,000 level.
- The price is trading below $58,500 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it remains above the $57,500 support zone.
Bitcoin price turns red
Bitcoin price struggled to break the USD 60,000 resistance zone and started a new decline. BTC fell below the $60,000 and $59,500 levels to start a downward correction.
There was a decline below the 50% Fib retracement level of the upward move from the $55,550 swing low to the $60,638 high. The bears were able to push the price towards the $57,500 support zone. A connecting bearish trendline is now forming with resistance at $58,000 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $58,500 and the 100 hourly Simple Moving Average. It tests the 61.8% Fib retracement level of the upward move from the $55,550 swing low to the $60,638 high.
On the upside, the price could encounter resistance near the $58,000 level and the trendline. The first major resistance is near the $59,200 level and the 100 hourly Simple Moving Average. A clear move above the USD 59,200 resistance could trigger a steady rise in the coming sessions.
The next major resistance could be at USD 60,000. A close above the $60,000 resistance could bring more upside. In the mentioned case, the price could rise and test the USD 60,650 resistance.
More disadvantages of BTC?
If Bitcoin fails to rise above the $58,000 resistance zone, the price may continue to decline. The immediate downside support is near the USD 57,500 level.
The first major support is at $56,750. The next support is now near the $56,250 zone. Any further losses could send the price towards the USD 55,550 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 57,500, followed by USD 56,750.
Major resistance levels – $58,000 and $59,200.