Bitcoin price failed to stay above $60,000 and started a fresh decline against the US Dollar. BTC could extend losses below $55,000 in the near term.
- Bitcoin started a fresh decline from the $61,000 resistance zone.
- The price is now trading below $58,000 and the 100 hourly simple moving average.
- There is a key bearish trend line with resistance near $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses below $55,500 and $55,000 in the near term.
Bitcoin Price Gains Bearish Momentum
Bitcoin price attempted a recovery wave above the $60,000 level. However, BTC failed to gain strength above $60,500 and started a fresh decline. There was a sharp decline below $60,000 and the 100 hourly simple moving average.
The bears gained strength for a move below the $58,000 support level. The price even traded below the $56,500 level. A low is formed near $55,858 and the price is still trading with a bearish angle.An initial resistance on the upside is near the $56,500 level. The first major resistance is near the $57,000 level. It is close to the 23.6% Fib retracement level of the recent decline from the $60,964 swing high to $55,858 low. There is also a key bearish trend line with resistance near $58,000 on the hourly chart of the BTC/USD pair.
The main resistance is now forming near the $58,000 and $58,500 levels. It is close to the 50% Fib retracement level of the recent decline from the $60,964 swing high to $55,858 low.
