15:38TA: Short-Term Bearish? Why Bitcoin Price Could Struggle Above $57.5k
Bitcoin price extended its decline and tested the $55,500 support against the US Dollar. BTC is now recovering, but it is likely to face a strong resistance near the $57,500 level.
Bitcoin Price Dips Further
Bitcoin struggled to restart its upward move above the $58,000 zone, resulting in a bearish move. BTC broke the $57,500 and $56,200 support levels to move further into a bearish zone.
There was also a break below a key contracting triangle with support near $57,450 on the hourly chart of the BTC/USD pair. The pair spiked below the $56,000 level and tested the next key support near the $55,500 zone.
The main resistance is now forming near the $57,500 level (the recent breakdown zone). The 50% Fib retracement level of the recent drop from the $59,475 swing high to $55,492 low is also near the $57,500 level to act as a massive hurdle. A clear break above the $57,500 level could open the doors for a steady increase.
More Losses in BTC?
The main support is now forming near the $55,500 level. A downside break below the recent low and $55,500 could accelerate losses. The next target for the bears might be $53,200 or even $52,500 in the near term.
Hourly MACD – The MACD is slowly losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well below the 50 level.
Major Support Levels – $56,000, followed by $55,500.
Major Resistance Levels – $57,000, $57,500 and $58,000.
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