The Leader Continues to Decline! What Could Trigger More Negativity In Bitcoin?
Leader crypto-currency Bitcoin price could remain above $ 60,000 and launched a new low against the US dollar. BTC struggled to hold on to the $ 60,000 level for a while, but was unsuccessful. So much so that Bitcoin accelerated the decline in the morning hours and fell below $ 56,000. So how can Bitcoin perform from now on?
Bitcoin Price Gains Bearish Momentum
Bitcoin price attempted a recovery wave above the $60,000 level. However, it failed to gain strength above $60,500 and started a fresh decline. The flagship cryptocurrency turned bearish again earlier in the day, falling sharply below $60,000 and the 100 hourly simple moving average.
With the decline in Bitcoin gaining momentum, the bears have gained strength for a move below the $58,000 support level. With the bears gaining strength in this zone, the price declined below the $56,500 level and a bottom was formed near $55,858.
In addition, Bitcoin must rise above critical resistance levels to recover. An initial resistance on the upside is near the $56,500 level, while the first major resistance is located at $57,000. There is also a key bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC/USD pair. The main resistance is currently forming near the $58,000 and $58,500 levels.
A daily close above the $58,500 level could open the doors for a stable recovery. On the other hand, bitcoin price surge above the next major resistances of $59,800 and $60,000 could trigger a move towards the $61,200 level.
Negative Scenario in BTC
However, if Bitcoin fails to recover above the $58,000 resistance zone, it could extend the decline. More bearish prices in Bitcoin could first pull towards the critical support level of $55,500.
Looking at the chart of the leading cryptocurrency , the first major support is currently near the $55,200 level. The next major support is near the $55,000 level. Below these levels, the bears could target more downside. In the stated case, the price could slide towards the $53,500 support zone in the near term.
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.
Major Support Levels: $55,500, then $55,000.
Major Resistance Levels: $56,500, $57,000 and $58,500.