Bitcoin price attempted a recovery above $56,000 against the US Dollar, but it struggled above $57,000. BTC trimmed gains and it even broke the $53,200 support zone.
Yesterday, bitcoin started a decent recovery above the $55,500 and $56,000 levels. BTC even spiked above the $57,000 resistance and the 100 hourly simple moving average.
However, the price struggled to continue higher and it started a fresh decline from the $57,235 high. It broke a few important supports near the $56,000 and $55,500 levels. There was also a break below a key bullish trend line with support near $54,220 on the hourly chart of the BTC/USD pair.
The price even declined below the $54,000 support level and the $53,200 pivot level. It traded to a new weekly low at $51,634 and it is now consolidating losses. An initial resistance is near the $53,000 level. It is close to the 23.6% Fib retracement level of the recent decline from the $57,235 high to $51,634 low.
Source: BTCUSD on TradingView.com
The first major resistance is near the $53,200 pivot level. If there is a fresh increase above $53,200, the price could recover towards the $54,500 level. The 50% Fib retracement level of the recent decline from the $57,235 high to $51,634 low is also close to $54,500.
If bitcoin fails to correct higher above $53,200 and $54,500, there are chances of more downsides in the near term. An initial support is near the $51,500 level.
The first key support is now near the $51,000 level, below which the price is likely to test the $50,000 support zone. Any more losses might call for a move towards the $48,000 level.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level.
Major Support Levels – $51,000, followed by $50,000.
Major Resistance Levels – $53,200, $54,500 and $55,000.
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