Bitcoin

Bitcoin price failed to continue higher towards $60,000 against the US Dollar. BTC declined sharply and tested the $54,500 support zone, where the bulls took a stand.

Bitcoin failed to extend gains and it formed a short-term top near the $59,000 level.
The price is now trading well below the $57,000 level and the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct losses, but the bulls might face sellers near $57,000 and $57,400.

Bitcoin Price Corrects 4%
Bitcoin attempted more upsides above the $58,500 resistance level. BTC tested the $59,000 zone, but it failed to continue higher. A high was formed near $59,028 before it started a downward move.
The price broke the $58,000 and $57,000 support levels. There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC/USD pair. There was also a spike below the $55,000 support level.
It is now trading well below the $57,000 level and the 100 hourly simple moving average. A low is formed near $54,665 and the price is now attempting a recovery. Bitcoin broke the $55,500 resistance level. There was a break above the 23.6% Fib retracement level of the recent decline from the $59,028 high to $54,665 low.

Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $56,800 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $59,028 high to $54,665 low is also near $56,800.
The main resistance is now forming near the $57,000 zone. A successful break above the $56,800 and $57,000 resistance levels could open the doors for a fresh move towards the $59,000 level.
More Losses in BTC?
If bitcoin fails to clear the $56,800 resistance, it could correct lower once again. An initial support on the downside is near the $55,000 level.
The first key support is near the $54,500 level and the recent low. A downside break below the $54,500 support might call for a drop towards the $52,000 support zone.
Technical indicators:
Hourly MACD – The MACD is slowly recovering and losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Major Support Levels – $55,000, followed by $54,500.
Major Resistance Levels – $56,800, $57,000 and $58,500.

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) $ 16,882.26
ethereum
Ethereum (ETH) $ 1,268.71
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 298.25
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.404042
dogecoin
Dogecoin (DOGE) $ 0.106829
cardano
Cardano (ADA) $ 0.315323
matic-network
Polygon (MATIC) $ 0.871325
polkadot
Polkadot (DOT) $ 5.39
staked-ether
Lido Staked Ether (STETH) $ 1,254.24
litecoin
Litecoin (LTC) $ 78.58
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 21.55
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.054064
solana
Solana (SOL) $ 13.59
uniswap
Uniswap (UNI) $ 5.72
avalanche-2
Avalanche (AVAX) $ 12.79
chainlink
Chainlink (LINK) $ 7.45
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,857.43
leo-token
LEO Token (LEO) $ 3.78
cosmos
Cosmos Hub (ATOM) $ 10.43
ethereum-classic
Ethereum Classic (ETC) $ 20.13
monero
Monero (XMR) $ 140.23
the-open-network
The Open Network (TON) $ 1.72
stellar
Stellar (XLM) $ 0.090101
bitcoin-cash
Bitcoin Cash (BCH) $ 112.67
algorand
Algorand (ALGO) $ 0.246388
quant-network
Quant (QNT) $ 115.89
crypto-com-chain
Cronos (CRO) $ 0.064643
apecoin
ApeCoin (APE) $ 4.28
filecoin
Filecoin (FIL) $ 4.40
near
NEAR Protocol (NEAR) $ 1.69
vechain
VeChain (VET) $ 0.019021
hedera-hashgraph
Hedera (HBAR) $ 0.050354
flow
Flow (FLOW) $ 1.12
internet-computer
Internet Computer (ICP) $ 4.03
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.28
frax
Frax (FRAX) $ 1.00
eos
EOS (EOS) $ 0.939423
terra-luna
Terra Luna Classic (LUNC) $ 0.000162
theta-token
Theta Network (THETA) $ 0.945143
chain-2
Chain (XCN) $ 0.043011
tezos
Tezos (XTZ) $ 1.01
huobi-token
Huobi (HT) $ 6.95
aave
Aave (AAVE) $ 63.82
the-sandbox
The Sandbox (SAND) $ 0.579200
lido-dao
Lido DAO (LDO) $ 1.14