Bitcoin price has experienced another decline after struggling to break the $59,500 resistance level. The bears seem to be gaining strength, especially if the price falls below the $56,000 support.
Currently, Bitcoin is trading below $57,500 and the 100 hourly Simple moving average. There is a key declining channel forming with resistance at $58,400 on the hourly chart. If the price fails to stay above the $56,500 support, we might see further downward movement.
Bitcoin price failed to clear the $59,500 and $60,000 resistance levels, reaching a peak near $59,500 before starting another decline. The price is now consolidating losses and trading near the 23.6% Fib retracement level. Immediate resistance is at $57,750, with key levels at $58,000 and $58,500.
A clear move above the $58,000 resistance could signal a decent increase in the coming sessions, with the next major hurdle at $59,500. A close above this level might initiate a steady increase towards the $60,000 resistance.
However, if Bitcoin fails to climb above the $58,000 resistance zone, we could see further downward movement. Immediate support is near $56,600, followed by the first major support level at $56,000. Any additional losses could push the price towards the $55,000 support zone.
The hourly MACD is gaining pace in the bearish zone, indicating a downward trend. The hourly RSI for BTC/USD is now below the 50 level, further supporting the bearish outlook.
Bitcoin price is facing significant resistance levels and struggling to maintain upward momentum. The bears are in control, and unless there is a clear break above key resistance levels, we might continue to see a downward trend in the near term. Traders should closely monitor support and resistance levels, along with technical indicators, to make informed trading decisions in the current market conditions.
