Bitcoin Price Drops: Will the Rut Continue?

Bitcoin value prolonged losses beneath the USD 58,500 help zone. BTC is struggling and will proceed to say no in the direction of the $55,000 help zone.

• Bitcoin is gaining tempo beneath the $60,000 help zone.
• The value is buying and selling beneath $59,000 and the 100 hourly Easy Transferring Common.
• A connecting bearish trendline is forming with resistance at $58,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might lengthen losses if it fails to carry above the $57,200 help.

Bitcoin Value Extends Losses

Bitcoin value began declining once more and traded beneath the $60,000 help stage. The bears managed to push the worth beneath the USD 58,500 help stage. BTC even peaked beneath $57,200.

A low was fashioned at $57,124 and the worth is now consolidating losses. There was a small restoration wave, however the value remained nicely beneath the 23.6% Fib retracement stage of the latest decline from the $60,954 swing excessive to the $57,124 low.

Bitcoin is now buying and selling beneath $60,000 and the 100 hourly Easy Transferring Common. A connecting bearish trendline can be forming with resistance at $58,400 on the hourly chart of the BTC/USD pair.

On the upside, the worth might encounter resistance close to the USD 58,000 stage. The primary main resistance is close to the $58,400 stage and trendline. A transparent transfer above the USD 58,400 resistance might push the worth additional larger within the coming periods.

The subsequent main resistance may very well be $59,040, or the 50% Fib retracement stage from the latest decline from the $60,954 swing excessive to the $57,124 low. An in depth above the resistance at $59,040 might present extra upside. Within the talked about case, the worth might rise and check the USD 60,000 resistance.

Extra disadvantages of BTC?

If Bitcoin fails to rise above the USD 58,400 resistance zone, it might set off one other decline. The instant draw back help is close to the $57,200 stage.

The primary main help is $56,500. The subsequent help is now close to the $56,200 zone. Any additional losses might ship the worth in the direction of the USD 55,000 help within the brief time period.

Technical indicators:

Hourly MACD – The MACD is now gaining pace within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main help ranges – USD 57,200, adopted by USD 56,500.

Main resistance ranges – $58,000 and $58,400.