Bitcoin price fell and retested the USD 55,600 support zone. BTC is struggling now and may encounter hurdles near the USD 57,000 resistance level.
- Bitcoin is struggling to recover above the $57,750 zone.
- The price is trading below $57,200 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $57,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to recover above the $57,000 or $57,750 resistance levels in the near term.
Bitcoin price drops again
Bitcoin price attempted a recovery wave above the USD 57,500 level. However, the bears were active around the USD 58,500 resistance level. A high was reached at $58,508 and the price started falling again.
It retested the $55,600 support zone. A low was formed at $55,601 and the price recently started a recovery wave. There was a move above the USD 56,000 and USD 56,200 resistance levels. It cleared the 23.6% Fib retracement level of the downward move from the $58,508 swing high to the $55,601 low.
Bitcoin is now trading below $57,200 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 57,000 level. A connecting bearish trendline is also forming with resistance at $57,050 on the hourly chart of the BTC/USD pair.
The trendline is close to the 50% Fib retracement level of the downward move from the $58,508 swing high to the $55,601 low. The first major resistance is around the $57,750 level. A clear move above the USD 57,750 resistance could push the price further higher in the coming sessions.
The next major resistance could be at USD 58,500. A close above the $58,500 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 60,000 resistance.
Another drop in BTC?
If Bitcoin fails to rise above the USD 57,750 resistance zone, it could trigger another decline. The immediate downside support is near the USD 56,000 level.
The first major support is at $55,600. The next support is now near the $55,000 zone. Any further losses could send the price towards the USD 53,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now approaching the 50 level.
Major support levels – USD 56,000, followed by USD 55,600.
Major resistance levels – $57,050 and $57,750.
