TA: Bitcoin Extends Decline, Heres Why BTC Remains At Risk Below $56K

By Aayush Jindal8 days ago

Bitcoin price extended its decline and tested the $53,000 zone against the US Dollar. BTC is correcting higher, but it is facing a lot of hurdles near $55,000 and $56,000.

  • Bitcoin remained in a short-term bearish zone and it extended its decline to $53,000.
  • The price is now trading well below the $56,000 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $55,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct higher, but it is likely to struggle near $56,000 and $56,500.

Bitcoin Price is Facing Hurdles

Bitcoin failed to recover above the $57,000 barrier and it extended its decline. BTC traded below the $54,000 support zone and it even declined below $53,200.

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There was a spike below $53,000 and the price traded as low as $52,943. It is now correcting higher and trading above the $54,000 level. There was a break above the 23.6% Fib retracement level of the recent drop from the $59,040 swing high to $52,943 low.

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It is now trading well below the $56,000 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $55,200 on the hourly chart of the BTC/USD pair.

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