Bitcoin

Bitcoin price failed to clear the $58,500 resistance against the US Dollar. BTC is correcting lower and it could decline heavily if there is a break below $55,500

Bitcoin struggled to clear the $58,500 resistance and started a fresh decline.
The price is now trading below the $57,000 level and the 100 hourly simple moving average.
There is a key rising channel forming with support near $56,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline heavily if there is a close below $56,000 and $55,500.

Bitcoin Price is Testing Key Support
Bitcoin climbed again above the $58,000 level, but the bulls struggled to remain in action. BTC formed a short-term top near the $58,500 level and it recently started a downward move.
There was a break below the $57,000 and $56,000 levels. The price even spiked below the $55,500 support level and a low is formed near $55,294. It is now trading below the $57,000 level and the 100 hourly simple moving average.
Bitcoin is attempting a recovery above the $56,000 level. It broke the 23.6% Fib retracement level of the recent decline from the $58,418 high to $55,294 low. There is also a key rising channel forming with support near $56,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
It is now facing resistance near the $56,500 level and the 100 hourly simple moving average. The next resistance sits near the $56,800 level. It is close to the 50% Fib retracement level of the recent decline from the $58,418 high to $55,294 low.
If there is an upside break above the $56,800 and $57,000 levels, the price could rise further. The next key resistance is near the $58,500 level.
More Losses in BTC?
If bitcoin fails to clear the $56,500 resistance or $56,800, it could continue to move down. An initial support on the downside is near the $56,000 level and the channel zone.
The first key support is near the $55,250 level, below which the price might test $55,000. Any more losses could open the doors for a drop towards the $52,500 level in the near term.
Technical indicators:
Hourly MACD – The MACD is struggling to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.
Major Support Levels – $56,000, followed by $55,250.
Major Resistance Levels – $56,800, $58,500 and $60,000.

Ericka Turcotte

By Ericka Turcotte

I have worked in the financial sector for over 10 years and have a keen interest in cryptocurrency. I have been writing about crypto for the past two years and have become one of the most respected authors in the space. I have a deep understanding of how this new asset class works and am able to provide insights that are both interesting and useful to my readers.

bitcoin
Bitcoin (BTC) $ 16,159.78
ethereum
Ethereum (ETH) $ 1,167.87
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 292.44
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.379199
dogecoin
Dogecoin (DOGE) $ 0.094593
cardano
Cardano (ADA) $ 0.302720
matic-network
Polygon (MATIC) $ 0.815288
polkadot
Polkadot (DOT) $ 5.11
staked-ether
Lido Staked Ether (STETH) $ 1,148.77
shiba-inu
Shiba Inu (SHIB) $ 0.000009
litecoin
Litecoin (LTC) $ 72.45
dai
Dai (DAI) $ 0.996092
okb
OKB (OKB) $ 20.54
tron
TRON (TRX) $ 0.052482
solana
Solana (SOL) $ 13.10
leo-token
LEO Token (LEO) $ 4.33
uniswap
Uniswap (UNI) $ 5.23
avalanche-2
Avalanche (AVAX) $ 12.20
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,093.31
chainlink
Chainlink (LINK) $ 6.62
cosmos
Cosmos Hub (ATOM) $ 9.54
ethereum-classic
Ethereum Classic (ETC) $ 18.76
the-open-network
The Open Network (TON) $ 1.72
monero
Monero (XMR) $ 133.82
stellar
Stellar (XLM) $ 0.087805
bitcoin-cash
Bitcoin Cash (BCH) $ 107.48
quant-network
Quant (QNT) $ 114.35
algorand
Algorand (ALGO) $ 0.231017
crypto-com-chain
Cronos (CRO) $ 0.062016
filecoin
Filecoin (FIL) $ 4.19
vechain
VeChain (VET) $ 0.018163
apecoin
ApeCoin (APE) $ 3.58
near
NEAR Protocol (NEAR) $ 1.51
hedera-hashgraph
Hedera (HBAR) $ 0.047961
frax
Frax (FRAX) $ 0.999148
flow
Flow (FLOW) $ 1.10
internet-computer
Internet Computer (ICP) $ 3.79
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 41.95
eos
EOS (EOS) $ 0.894157
terra-luna
Terra Luna Classic (LUNC) $ 0.000156
chain-2
Chain (XCN) $ 0.043392
paxos-standard
Pax Dollar (USDP) $ 1.00
theta-token
Theta Network (THETA) $ 0.899585
tezos
Tezos (XTZ) $ 0.962802
chiliz
Chiliz (CHZ) $ 0.160456
the-sandbox
The Sandbox (SAND) $ 0.546385
aave
Aave (AAVE) $ 59.91