Bitcoin price remained supported near the $52,500 zone. BTC is recovering losses and facing hurdles near the $55,200 and $55,500 levels.
- Bitcoin is struggling to recover above the $55,500 zone.
- The price is trading below $55,200 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance at $55,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to recover above the $55,500 or $56,000 resistance levels in the near term.
Bitcoin Price Aims Recovery
Bitcoin price remained in a bearish zone and extended losses below the $55,500 support zone. BTC even declined below the $53,200 level. It tested the $52,500 zone. A low was formed at $52,569 and the price is now attempting a recovery wave.
There was a move above the $53,200 and $54,000 resistance levels. It cleared the 23.6% Fib retracement level of the downward move from the $58,508 swing high to the $52,569 low. However, the price is now struggling to recover above the $55,500 zone.Bitcoin is now trading below $55,200 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $55,200 level. There is also a key bearish trend line forming with resistance at $55,200 on the hourly chart of the BTC/USD pair.
The trend line is close to the 50% Fib retracement level of the downward move from the $58,508 swing high to the $52,569 low. The first key resistance is near the $55,500 level. A clear move above the $55,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $56,200. A close above the $56,200 resistance might spark more upsides. In the stated case, the price could rise and test the $57,500 resistance.