Categories: Bitcoin Latest News

Bitcoin Price Hit By Rejection: Will Bulls Stumble Once More?

Bitcoin price struggled to clear the $59,500 level. BTC is moving lower and now at risk of more downsides toward the $56,000 level.

Bitcoin started another decline from the $59,475 resistance zone.
The price is trading above $57,200 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support at $57,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start another major decline if it fails to stay above the $57,200 support.

Bitcoin Price Faces Trouble

Bitcoin price extended its recovery wave above the $57,500 level. BTC even climbed above the $58,500 level. However, the bears are active near the $59,500 resistance zone.

A high was formed at $59,474 and the price is now correcting gains. There was a move below the $58,500 level. The price tested the 50% Fib retracement level of the upward move from the $54,955 swing low to the $59,474 high. Besides, there was a break below a key bullish trend line with support at $57,900 on the hourly chart of the BTC/USD pair.

The bulls seem to be active above the $57,200 level. Bitcoin price is now trading above $57,200 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $58,400 level.

The first key resistance is near the $58,800 level. A clear move above the $58,800 resistance might start a decent increase in the coming sessions. The next key resistance could be $59,500. The next major hurdle sits at $60,000. A close above the $60,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,500 resistance.

More Losses In BTC?

If Bitcoin fails to climb 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 $56,000 and the 76.4% Fib retracement level of the upward move from the $54,955 swing low to the $59,474 high. The next support is now near $55,000. Any more losses might send the price toward the $53,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $57,200, followed by $56,000.

Major Resistance Levels – $58,400, and $59,500.

[#item_full_content]NewsBTCRead More

Recent Posts

Is The Bitcoin Bull Run Over? Fed Chair Powell Just Killed QE Hopes

In his testimony on Tuesday, Federal Reserve Chair Jerome Powell dampened hopes for another round…

2 hours ago

Bitcoin Banks: We Should Build Them Ourselves

Bitcoin banks are going to happen. We already have a few of them. We’re going…

4 hours ago

Did A Massive Bitcoin And Ethereum Sell-Off By Binance Trigger The Market Crash? Crypto Exchange Responds

There have been recent concerns within the crypto community regarding Binance’s recent activities after a…

5 hours ago

Bitcoin In The Spotlight As World Liberty Financial Debuts Strategic Reserve

By launching its Macro Strategic Reserve, World Liberty Financial (WLFI) has advanced significantly and strengthened…

6 hours ago

Bitcoin Finds Price Stability: Reclaiming $101,000 Depends On This Level

Bitcoin (BTC) continues to move within its one-week range after recovering from its recent drop…

7 hours ago

US to Release Jailed BTC-e Operator Vinnik in Russia Prisoner Swap

Alexander Vinnik, the jailed former operator of once mighty bitcoin exchange BTC-e, is being released…

8 hours ago