, TA: Short-Term Bearish? Why Bitcoin Price Could Struggle Above $57.5k

Bitcoin ticket prolonged its decline and examined the $55,500 support against the US Greenback. BTC is now recovering, nonetheless it’s miles likely to face a solid resistance approach the $57,500 level.

  • Bitcoin did not take care of the $57,000 zone and prolonged its decline in direction of the $55,500 level.
  • The worth is now trading successfully below the $57,500 support and the 100 hourly easy shifting sensible.
  • There became once a rupture below a key contracting triangle with support approach $57,450 on the hourly chart of the BTC/USD pair (files feed from Kraken).
  • The pair might well presumably exact higher, however the bulls have a tendency to face a solid selling ardour approach $57,500.

Bitcoin Tag Dips Extra

Bitcoin struggled to restart its upward transfer above the $58,000 zone, ensuing in a bearish transfer. BTC broke the $57,500 and $56,200 support stages to transfer additional trusty into a bearish zone.

There became once also a rupture below a key contracting triangle with support approach $57,450 on the hourly chart of the BTC/USD pair. The pair spiked below the $56,000 level and examined the following key support approach the $55,500 zone.

A low is formed approach $55,492 and the worth is consolidating losses. It is now trading above $56,000, and testing the 23.6% Fib retracement level of the present drop from the $59,475 swing excessive to $55,492 low. On the upside, the main key resistance is approach the $57,000 level.

Source: BTCUSD on TradingView.com

The main resistance is now forming approach the $57,500 level (the unusual breakdown zone). The 50% Fib retracement level of the present drop from the $59,475 swing excessive to $55,492 low will likely be approach the $57,500 level to behave as a gigantic hurdle. A clear rupture above the $57,500 level might well presumably birth the doors for a well-liked lengthen.

Extra Losses in BTC?

If bitcoin fails to climb above $57,000 and $57,500, there might well well simply be more downsides. The first main support on the design back is approach the $56,000 level.

The main support is now forming approach the $55,500 level. A design back rupture below the unusual low and $55,500 might well presumably lope losses. The next purpose for the bears might well well simply be $53,200 or even $52,500 within the approach term.

Technical indicators:

Hourly MACD – The MACD is slowly shedding momentum within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is easy successfully below the 50 level.

Essential Support Ranges – $56,000, followed by $55,500.

Essential Resistance Ranges – $57,000, $57,500 and $58,000.

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