Bitcoin price started another decline from the $59,500 level. BTC is moving lower, and the bears could gain strength below the $56,000 support.
- Bitcoin started another decline from the $59,500 resistance zone.
- The price is trading below $57,500 and the 100 hourly Simple moving average.
- There is a key declining channel forming with resistance at $58,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to move down if it fails to stay above the $56,500 support.
Bitcoin Price Dips Again
Bitcoin price struggled to clear the $59,500 and $60,000 resistance levels. BTC peaked near the $59,500 resistance zone and recently started another decline. There was a move below the $58,500 level.
The price declined below the $57,800 and $57,500 support levels. It tested the $56,600 zone. A low was formed at $56,593 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the $58,963 swing high to the $56,593 low.Bitcoin price is now trading below $57,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $57,750 level. The first key resistance is near the $58,000 level or the 61.8% Fib retracement level of the downward move from the $58,963 swing high to the $56,593 low.
A clear move above the $58,000 resistance might start a decent increase in the coming sessions. The next key resistance could be $58,500. There is also a key declining channel forming with resistance at $58,400 on the hourly chart of the BTC/USD pair.
