BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\nThe next key resistance could be $59,040 or the 50% Fib retracement level of the recent decline from the $60,954 swing high to the $57,124 low. A close above the $59,040 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance.<\/p>\n
More Downsides In BTC?<\/h2>\n If Bitcoin fails to rise above the $58,400 resistance zone, it could start another decline. Immediate support on the downside is near the $57,200 level.<\/p>\n
The first major support is $56,500. The next support is now near the $56,200 zone. Any more losses might send the price toward the $55,000 support in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $57,200, followed by $56,500.<\/p>\n
Major Resistance Levels \u2013 $58,000, and $58,400.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price extended losses below the $58,500 support zone. BTC is struggling and could continue to move down toward the $55,000 support zone. Bitcoin is gaining pace below the $60,000 support zone. The price is trading below $59,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $58,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might extend losses if it fails to stay above the $57,200 support. Bitcoin Price Extends Losses Bitcoin price started a fresh decline and traded below the $60,000 support level. The bears were able to push the price below the $58,500 support levels. BTC even spiked below $57,200. A low was formed at $57,124 and the price is now consolidating losses. There was a minor recovery wave, but the price remained well below the 23.6% Fib retracement level of the recent decline from the $60,954 swing high to the $57,124 low. Bitcoin is now trading below $60,000 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $58,400 on the hourly chart of the BTC\/USD pair. On the upside, the price could face resistance near the $58,000 level. The first key resistance is near the $58,400 level and the trend line. A clear move above the $58,400 resistance might send the price further higher in the coming sessions. The next key resistance could be $59,040 or the 50% Fib retracement level of the recent decline from the $60,954 swing high to the $57,124 low. A close above the $59,040 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance. More Downsides In BTC? If Bitcoin fails to rise above the $58,400 resistance zone, it could start another decline. Immediate support on the downside is near the $57,200 level. The first major support is $56,500. The next support is now near the $56,200 zone. Any more losses might send the price toward the $55,000 support in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $57,200, followed by $56,500. Major Resistance Levels \u2013 $58,000, and $58,400.<\/p>\n","protected":false},"author":67,"featured_media":639120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83361],"tags":[428,679,1144,78790,76835],"class_list":["post-639118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n
Bitcoin Price Drifts Lower: Will the Grind Continue?<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n