Bitcoin has begun another decline from the $59,500 resistance area and is currently moving lower, creating a bearish sentiment in the market. The price is now trading below $57,500 and the 100 hourly Simple Moving Average, indicating a negative trend for the cryptocurrency.
A key declining channel is forming with resistance at $58,400 on the hourly chart of the BTC/USD pair, suggesting that the bears are gaining strength in the market. If Bitcoin fails to stay above the $56,500 support level, the price may continue to move down further in the near term.
Bitcoin price struggled to clear the $59,500 and $60,000 resistance levels, peaking near the $59,500 zone before starting another decline. The immediate resistance on the upside is near the $57,750 level, with the first key resistance at $58,000. A clear move above this resistance could signal a potential increase in the coming sessions, with possible resistance levels at $58,500 and $59,500. However, if Bitcoin fails to climb above the $58,000 zone, it could continue its downward trajectory. Immediate support on the downside is near $56,600, followed by major support levels at $56,000 and $55,000.
Technical indicators are showing a bearish outlook for Bitcoin price, with the hourly MACD gaining pace in the bearish zone and the hourly RSI falling below the 50 level. This suggests that the market sentiment is currently negative and could lead to further price declines in the near future.
The recent decline in Bitcoin price indicates a bearish trend in the market, with resistance levels at $58,000 and $58,500. If Bitcoin fails to break above these levels, it could continue to move down towards support levels at $56,000 and $55,000. Traders and investors should proceed with caution and closely monitor the market for any potential price movements.
Leave a Reply