Bitcoin retested the $55,500 support zone against the US Dollar. BTC is recovering, but it could face a strong selling interest near $57,500 in the near term.
- Bitcoin settled below the key $58,000 and $57,500 resistance levels.
- The price is now trading below $57,500 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is recovering, but upsides might be limited above the $57,500 resistance zone.
Bitcoin Price Remains At Risk
Bitcoin price started a fresh decline from the $59,500 zone. BTC gained pace below the $58,500 and $57,500 support levels to enter a bearish zone.
The decline gained pace below the $56,500 level and the price retested the $55,500 support zone. A low is formed near $55,633 and the price is now correcting losses. There was a break above the $56,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $59,411 swing high $55,633 low.However, bitcoin price is now trading below $57,500 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC/USD pair.
Source:An immediate support is near the $56,500 level. The first major support is now forming near the $55,500 level. A downside break below the $55,500 level could spark more losses. In the stated case, the price might decline towards the $55,000 level. Any more losses may perhaps lead the price towards the $52,000 support zone in the near term.
