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Bitcoin price is struggling to clear the $60,000 resistance against the US Dollar. BTC is likely to start a strong decline if there is a close below the $57,000 support.<\/em><\/p>\n

\n
Bitcoin failed to clear the $60,000 level and started a fresh decline below $59,000.<\/li>\n
The price is still well above $55,000 and the 100 simple moving average (4-hours).<\/li>\n
There is a key rising channel forming with support near $57,200 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could start a strong decline if there is a clear break below the $57,000 support zone.<\/li>\n<\/ul>\n
Bitcoin Price is Correcting Gains<\/h2>\n
This past week, bitcoin price made an attempt to clear the $60,000 resistance<\/a> against the US Dollar. However, the BTC\/USD pair failed to settle above the $60,000 level and recently started a fresh decline.<\/p>\n
There was a break below the $59,200 and $58,500 support levels. The price even traded below the 50% Fib retracement level of the upward move from the $56,367 swing low to $59,919 swing high. The price is still well above $55,000 and the 100 simple moving average (4-hours).<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
It is approaching the $57,200 and $57,000 support levels. There is also a key rising channel forming with support near $57,200 on the 4-hours chart of the BTC\/USD pair.<\/p>\n
The channel support is close to the 76.4% Fib retracement level of the upward move from the $56,367 swing low to $59,919 swing high. If there is a downside break below the channel support, the price could decline towards the $55,000 support level<\/a>. Any more losses might call for a move towards the $53,200 support.<\/p>\n
Fresh Increase in BTC?<\/h2>\n
If bitcoin remains stable above the $57,000 support level, there are chances of a fresh increase in the near term. An initial resistance on the upside is near the $59,200 level.<\/p>\n
The main resistance is still near the $60,000 level. A clear break above the $60,000 zone might open the doors for a strong increase. In the stated case, the price could rise towards the $62,000 level and to a new all-time high.<\/p>\n
Technical indicators<\/p>\n
4 hours MACD \u2013 The MACD for BTC\/USD is losing bullish momentum in the bullish zone.<\/p>\n
4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to stay above the 50 level.<\/p>\n
Major Support Level \u2013 $57,000<\/p>\n
Major Resistance Level \u2013 $60,000<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is struggling to clear the $60,000 resistance against the US Dollar. BTC is likely to start a strong decline if there is a close below the $57,000 support. Bitcoin failed to clear the $60,000 level and started a fresh decline below $59,000. The price is still well above $55,000 and the 100 simple moving average (4-hours). There is a key rising channel forming with support near $57,200 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could start a strong decline if there is a clear break below the $57,000 support zone. Bitcoin Price is Correcting Gains This past week, bitcoin price made an attempt to clear the $60,000 resistance against the US Dollar. However, the BTC\/USD pair failed to settle above the $60,000 level and recently started a fresh decline. There was a break below the $59,200 and $58,500 support levels. The price even traded below the 50% Fib retracement level of the upward move from the $56,367 swing low to $59,919 swing high. The price is still well above $55,000 and the 100 simple moving average (4-hours). Source: BTCUSD on TradingView.com It is approaching the $57,200 and $57,000 support levels. There is also a key rising channel forming with support near $57,200 on the 4-hours chart of the BTC\/USD pair. The channel support is close to the 76.4% Fib retracement level of the upward move from the $56,367 swing low to $59,919 swing high. If there is a downside break below the channel support, the price could decline towards the $55,000 support level. Any more losses might call for a move towards the $53,200 support. Fresh Increase in BTC? If bitcoin remains stable above the $57,000 support level, there are chances of a fresh increase in the near term. An initial resistance on the upside is near the $59,200 level. The main resistance is still near the $60,000 level. A clear break above the $60,000 zone might open the doors for a strong increase. In the stated case, the price could rise towards the $62,000 level and to a new all-time high. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is losing bullish momentum in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to stay above the 50 level. Major Support Level \u2013 $57,000 Major Resistance Level \u2013 $60,000<\/p>\n","protected":false},"author":67,"featured_media":459139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-459137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nWhy Bitcoin Price Remains At Risk of Downside Break Below $57K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to clear the $60,000 resistance against the US Dollar. 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