The Bitcoin price has dropped again from the $59,500 level. The bears might become more powerful below the $56,000 support as Bitcoin continues to decline.
Highlights:
- Bitcoin began a drop from the $59,500 resistance level.
- The price is currently below $57,500 and the 100-hourly simple moving average.
- The hourly chart of the BTC/USD pair shows a significant descending channel with resistance at $58,400 (source: Kraken data feed).
- If the pair falls below $56,500, it may continue to decline.
The Bitcoin price falls again
The Bitcoin cost is battling to break the $59,500 and $60,000 boundary levels. BTC peaked near the $59,500 resistance level, and now it has declined. It even declined below $58,500.
Below the $57,800 and $57,500 support levels, the price dropped. The $, 56,600 zone was tested. The price is currently merging losses after forming a low at $56,593. The current price is close to the 23.6% Fib retracement level of the decline from the $58,963 high to the $56,593 low.
The current price of Bitcoin is below both the 100-hourly simple moving average and $57,500. The $57,750 mark represents immediate upside resistance. The 61.8% Fib retracement level of the decline from the $58,963 high to the $56,593 low, or around $58,000, is the first significant level of resistance.
In the up and coming sessions, a solid move over the $58,000 resistance might begin a respectable increment. $58,500 could be the next significant barrier. On the hourly chart of the BTC/USD pair, a crucial descending channel is also forming with resistance at $58,400.
$59,500 is the next crucial obstacle. If there is a close above the $59,500 resistance level, the price may continue to rise. The price may rise and test the $60,000 resistance level.
Source: BTCUSD on TradingView.com
More losses in BTC?
Bitcoin could continue to decline if it cannot rise above the $58,000 resistance. Substantial downside support is near the $56,600 mark.
$56,000 is substantial support. $55,000 is currently the next level of support. If there are any extra misfortunes, the cost may in the long run head towards the $53,500 bolster level.
Technical Indicators:
Hourly MACD: The MACD is now speeding up in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for Bitcoin/USD is now below 50.
Key Support Levels: $56,500, followed by $55,000.
Strong Resistance Levels: $58,000 and $58,500.
