TA: Short-Term Bearish? Why Bitcoin Price Could Struggle Above $57.5k

By Aayush Jindal10 days ago

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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 failed to hold the $57,000 zone and extended its decline towards the $55,500 level.
  • The price is now trading well below the $57,500 support and the 100 hourly simple moving average.
  • There was a break below a key contracting triangle with support near $57,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct higher, but the bulls are likely to face a strong selling interest near $57,500.

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.

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A low is formed near $55,492 and the price is consolidating losses. It is now trading above $56,000, and testing the 23.6% Fib retracement level of the recent drop from the $59,475 swing high to $55,492 low. On the upside, the first key resistance is near the $57,000 level.

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