Bitcoin price failed once again to clear the $60,000 resistance zone against the US Dollar. BTC is showing a few bearish signs, but the $52,500 support holds the key.

Bitcoin failed to gain pace above $59,500 and it even struggled to test $60,000.
The price is now trading near the $55,500 support and the 100 simple moving average (H4).
There was a break below a key contracting triangle with support near $58,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair is recovering losses, but it is facing a strong resistance near $57,000.

Bitcoin Price Trims Gains
Bitcoin cleared the $58,800 and $59,000 resistance levels. It even spiked above $59,500 level, but there was no follow through move. It struggled to even test the $60,000 resistance zone.
As a result, there was a bearish reaction below the $58,500 and $58,000 support levels. There was also a break below a key contracting triangle with support near $58,000 on the 4-hours chart of the BTC/USD pair. The pair dived below the $55,500 level and the 100 simple moving average (H4).
It traded as low as $53,445 and it is currently correcting losses. There was a break above the $54,000 and $54,500 levels. Bitcoin even climbed above the 23.6% Fib retracement level of the recent drop from the $59,590 high to $53,445 low.

Source: BTCUSD on TradingView.com
The price is now trading near the $55,500 support and the 100 simple moving average (H4). An initial resistance is near the $56,500 level. It is close to the 50% Fib retracement level of the recent drop from the $59,590 high to $53,445 low.
The key resistance is now near the $57,000 level. A successful break above the $57,000 level is needed to start a fresh increase towards the $59,500 resistance zone in the near term.
More Losses in BTC?
If bitcoin fails to clear the $56,500 resistance or $57,000, it could extend its decline. An initial support on the downside is near the $54,500 level.
The first key support is near the $53,500 level and the recent low. Any more losses might call for a test of the main $52,500 support zone.
Technical indicators:
4-hours MACD – The MACD is slowly losing pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 40 level.
Major Support Levels – $54,500, followed by $53,500.
Major Resistance Levels – $56,500, $57,000 and $59,500.

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) $ 16,158.48
ethereum
Ethereum (ETH) $ 1,170.01
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 293.83
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.383696
dogecoin
Dogecoin (DOGE) $ 0.094171
cardano
Cardano (ADA) $ 0.304536
matic-network
Polygon (MATIC) $ 0.816589
polkadot
Polkadot (DOT) $ 5.13
staked-ether
Lido Staked Ether (STETH) $ 1,152.52
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.996292
litecoin
Litecoin (LTC) $ 71.19
okb
OKB (OKB) $ 20.19
tron
TRON (TRX) $ 0.052735
solana
Solana (SOL) $ 13.29
uniswap
Uniswap (UNI) $ 5.25
avalanche-2
Avalanche (AVAX) $ 12.23
leo-token
LEO Token (LEO) $ 3.90
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,065.20
chainlink
Chainlink (LINK) $ 6.70
cosmos
Cosmos Hub (ATOM) $ 9.70
ethereum-classic
Ethereum Classic (ETC) $ 18.83
the-open-network
The Open Network (TON) $ 1.70
monero
Monero (XMR) $ 134.20
stellar
Stellar (XLM) $ 0.087464
bitcoin-cash
Bitcoin Cash (BCH) $ 107.76
algorand
Algorand (ALGO) $ 0.232173
quant-network
Quant (QNT) $ 112.79
crypto-com-chain
Cronos (CRO) $ 0.062300
filecoin
Filecoin (FIL) $ 4.19
apecoin
ApeCoin (APE) $ 3.75
vechain
VeChain (VET) $ 0.018276
near
NEAR Protocol (NEAR) $ 1.52
hedera-hashgraph
Hedera (HBAR) $ 0.048110
frax
Frax (FRAX) $ 0.998804
flow
Flow (FLOW) $ 1.10
internet-computer
Internet Computer (ICP) $ 3.85
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 41.92
eos
EOS (EOS) $ 0.893874
terra-luna
Terra Luna Classic (LUNC) $ 0.000158
theta-token
Theta Network (THETA) $ 0.910290
paxos-standard
Pax Dollar (USDP) $ 1.00
tezos
Tezos (XTZ) $ 0.966448
chain-2
Chain (XCN) $ 0.040304
chiliz
Chiliz (CHZ) $ 0.161238
the-sandbox
The Sandbox (SAND) $ 0.550094
aave
Aave (AAVE) $ 59.83