Bitcoin price failed to continue higher towards $60,000 against the US Dollar. BTC declined sharply and tested the $54,500 support zone, where the bulls took a stand.
- Bitcoin failed to extend gains and it formed a short-term top near the $59,000 level.
- The price is now trading well below the $57,000 level and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct losses, but the bulls might face sellers near $57,000 and $57,400.
Bitcoin Price Corrects 4%
Bitcoin attempted more upsides above the $58,500 resistance level. BTC tested the $59,000 zone, but it failed to continue higher. A high was formed near $59,028 before it started a downward move.
The price broke the $58,000 and $57,000 support levels. There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC/USD pair. There was also a spike below the $55,000 support level.
Source:On the upside, an initial resistance is near the $56,800 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $59,028 high to $54,665 low is also near $56,800.
