Bitcoin price failed to gain strength above the $60,000 resistance against the US Dollar. BTC is showing a few bearish signs and it could decline towards $54,500.
- Bitcoin struggled to clear the $60,000 resistance and it declined below $58,000.
- The price is now trading well below $58,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $57,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue lower towards $54,500 as long as it is below the $58,000 resistance.
Bitcoin Price Turns Red
After another failure to clear the $60,000 resistance, bitcoin started a fresh decline. BTC broke the $58,000 support level to move into a bearish zone.
There was also a break below the $56,500 support level. The price is trading well below $58,000 and the 100 hourly simple moving average. It traded as low as $55,544 before it started an upside correction. There was a break above the $56,500 and $57,000 levels.The price climbed above the 50% Fib retracement level of the downward move from the $59,901 high to $55,544 low. However, the price failed to clear the $58,000 resistance and the 100 hourly simple moving average.
Source:There is also a key bearish trend line forming with resistance near $57,500 on the hourly chart of the BTC/USD pair. The pair also failed to clear the 61.8% Fib retracement level of the downward move from the $59,901 high to $55,544 low. If it now showing bearish signs below the $57,800 and $58,000 levels. If there are more losses, the price could break the $55,544 low. The next major support for the bulls sits near $54,500.