{"id":477078,"date":"2021-11-23T03:08:32","date_gmt":"2021-11-23T03:08:32","guid":{"rendered":"https:\/\/ktsl888.com\/?p=477078"},"modified":"2024-06-11T14:00:33","modified_gmt":"2024-06-11T14:00:33","slug":"bitcoin-holds-key-support-60k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-holds-key-support-60k\/","title":{"rendered":"TA: Bitcoin Holds Key Support, Why BTC Remains At Risk of Sharp Decline"},"content":{"rendered":"<p><em>Bitcoin retested the $55,500 support zone against the US Dollar. BTC is recovering, but it could face a strong selling interest near $57,500 in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin settled below the key $58,000 and $57,500 resistance levels.<\/li>\n<li>The price is now trading below $57,500 and the 100 hourly simple moving average.<\/li>\n<li>There is a major bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is recovering, but upsides might be limited above the $57,500 resistance zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Remains At Risk<\/h2>\n<p>Bitcoin price started a <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-starts-fresh-decrease-55k\/\" target=\"_blank\" rel=\"noopener \">fresh decline<\/a> from the $59,500 zone. BTC gained pace below the $58,500 and $57,500 support levels to enter a bearish zone.<\/p>\n<p>The decline gained pace below the $56,500 level and the price retested the $55,500 support zone. A low is formed near $55,633 and the price is now correcting losses. There was a break above the $56,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $59,411 swing high $55,633 low.<\/p>\n<p>However, bitcoin price is now trading below $57,500 and the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-resumes-decline-55k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. There is also a major bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/11\/Bitcoin-16.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-477079\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/11\/Bitcoin-16.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/11\/Bitcoin-16.png?w=1950 1950w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/11\/Bitcoin-16.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/11\/Bitcoin-16.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/11\/Bitcoin-16.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/11\/Bitcoin-16.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/11\/Bitcoin-16.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/11\/Bitcoin-16.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>An immediate support is near the $56,500 level. The first major support is now forming near the $55,500 level. A downside break below the $55,500 level could spark more losses. In the stated case, the price might decline towards the $55,000 level. Any more losses may perhaps lead the price towards the $52,000 support zone in the near term.<\/p>\n<h2>Upside Capped In BTC?<\/h2>\n<p>If bitcoin stays above the $56,500 support, it could attempt a fresh recovery wave. On the upside, an initial resistance is near the $57,200 level. The first key resistance is near the $57,500 level.<\/p>\n<p>It is near the 50% Fib retracement level of the downward move from the $59,411 swing high $55,633 low. The next major resistance sits near the $58,000 level and the 100 hourly simple moving average, above which the price might rise towards the $60,000 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $56,500, followed by $55,500.<\/p>\n<p>Major Resistance Levels \u2013 $57,500, $58,000 and $60,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin retested the $55,500 support zone against the US Dollar. BTC is recovering, but it could face a strong selling interest near $57,500 in the near term. Bitcoin settled below the key $58,000 and $57,500 resistance levels. The price is now trading below $57,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is recovering, but upsides might be limited above the $57,500 resistance zone. Bitcoin Price Remains At Risk Bitcoin price started a fresh decline from the $59,500 zone. BTC gained pace below the $58,500 and $57,500 support levels to enter a bearish zone. The decline gained pace below the $56,500 level and the price retested the $55,500 support zone. A low is formed near $55,633 and the price is now correcting losses. There was a break above the $56,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $59,411 swing high $55,633 low. However, bitcoin price is now trading below $57,500 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com An immediate support is near the $56,500 level. The first major support is now forming near the $55,500 level. A downside break below the $55,500 level could spark more losses. In the stated case, the price might decline towards the $55,000 level. Any more losses may perhaps lead the price towards the $52,000 support zone in the near term. Upside Capped In BTC? If bitcoin stays above the $56,500 support, it could attempt a fresh recovery wave. On the upside, an initial resistance is near the $57,200 level. The first key resistance is near the $57,500 level. It is near the 50% Fib retracement level of the downward move from the $59,411 swing high $55,633 low. The next major resistance sits near the $58,000 level and the 100 hourly simple moving average, above which the price might rise towards the $60,000 level. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still below the 50 level. Major Support Levels \u2013 $56,500, followed by $55,500. Major Resistance Levels \u2013 $57,500, $58,000 and $60,000.<\/p>\n","protected":false},"author":67,"featured_media":477080,"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-477078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Holds Key Support, Why BTC Remains At Risk of Sharp Decline<\/title>\n<meta name=\"description\" content=\"Bitcoin retested the $55,500 support zone against the US Dollar. 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