Bitcoin turns red, why the shorts’ goal is to retest $55,000


Bitcoin prices continued to fall below the USD 60,000 support level. BTC may expand its loss to USD 55,000 in the next trading day.

  • Bitcoin started a new decline below the USD 65,000 and USD 62,000 support levels.
  • The price is now below $60,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD currency pair (data feed from Kraken), a key bearish trend line is formed, and the resistance is near 61,000 USD.
  • The currency pair may extend its decline to below the support levels of $58,500 and $57,500 in the short term.

Bitcoin price rises bearish momentum

Bitcoin price starts New decline Well above the $65,000 area. BTC trading price is below the key support level of 65,000 USD, entering a bearish zone.

Significantly fell below the 62,000 USD support level, 100 hour simple moving averageFinally, the price is below the main support area of ​​$60,000. A low was formed near $58,630, and the price is now consolidating losses.

On the bright side, the immediate resistance is near $60,000. The first major resistance is near the $60,450 level. It is close to the 23.6% Fibonacci retracement of the key decline, falling from a swing high of $66,350 to a low of $58,630.

On the hourly chart of the BTC/USD currency pair, there is also a key bearish trend line formed, with resistance at around 61,000 USD. A clear break of the $61,000 resistance level may open the door to a steady recovery. The next major resistance is near $62,500.

Source: BTCUSD on TradingView.com

The 50% Fibonacci retracement level of the key fall from the swing high of $66,350 to the low of $58,630 is also close to the level of $62,500, becoming a key obstacle. Breaking through the $62,500 level may start a new rebound.

BTC loses more?

If Bitcoin fails to recover above the resistance zone of $61,000, it may continue its decline. The immediate support for the downside is around $58,800.

The first major support level is now formed near $58,650. The next major support level is around 58,000 USD, below which bears may retest the 55,000 USD support zone in the short term.

Technical index:

Hourly MACD – The MACD is now accelerating in the bearish zone.

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

The main support level is $58,500, followed by $58,000.

The main resistance levels-60,450 USD, 61,000 USD and 62,500 USD.



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