Bitcoin failed to clear the $60,000 resistance zone against the US Dollar. BTC is moving lower, and it could extend losses towards $55,000 in the near term.
- Bitcoin struggled to recover above the $60,000 and $60,500 resistance levels.
- The price is now trading below $58,500 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $59,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is declining, and it seems like the bears are aiming more losses below $56,500.
Bitcoin Price Turns Red
Bitcoin price attempted a recovery wave above the $58,500 resistance zone. BTC spiked above the $60,000 zone, but there was no real bullish momentum.
As a result, the price started a fresh decline below the $59,200 level. The price traded below the $58,500 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $59,200 on the hourly chart of the BTC/USD pair.Bitcoin traded below the 50% Fib retracement level of the upward wave from the $55,674 swing low to $60,050 high. It is now trading below $58,500 and the 100 hourly simple moving average.
An immediate support is near the $57,350 level. It is close to the 61.8% Fib retracement level of the upward wave from the $55,674 swing low to $60,050 high. The first major support is now forming near the $56,500 level. A downside break below the $56,500 level could spark more losses.
Source:The main support is near the $55,500 and $55,000 levels. Any more losses may perhaps set the pace for a move towards the $52,000 support zone in the near term.