Bitcoin’s price failed to initiate a recovery wave above the $61,500 resistance zone. This led to another decline in BTC’s value, potentially diving towards $55,000. Despite several attempts to break above this key resistance level, the bears remained in control, pushing the price lower.
At present, Bitcoin is trading below $60,000 and the 100 hourly Simple Moving Average, indicating a bearish trend in the short term. There is a significant bearish trend line forming with resistance at $58,350 on the hourly chart of the BTC/USD pair, adding further pressure on the price.
The recent decline in Bitcoin’s price saw a sharp drop below the $58,500 level, with the price even spiking below $57,000. A low was formed at $56,650, and currently, the price is consolidating its losses. However, the bulls seem to be struggling to initiate a recovery wave from this level, as the price remains well below the 23.6% Fib retracement level from the previous swing.
The Hourly MACD is gaining momentum in the bearish zone, indicating a further downside potential. The Hourly RSI for BTC/USD is currently below the 50 level, suggesting a lack of buying interest in the market.
Immediate support for Bitcoin is seen near the $56,650 level, followed by $56,200. Further down, the next support level is forming near $55,800, with a potential drop towards $55,000 in the near term. On the upside, the first key resistance level is at $58,350, followed by $60,000. A clear move above these resistance levels could signal a reversal in the price trend.
Overall, Bitcoin’s price struggles to recover from key resistance levels, facing significant selling pressure from bears. The upcoming price movements will be crucial in determining the future direction of the cryptocurrency.
