The Leader Continues to Decline! What Can Trigger More Negativity in Bitcoin?

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Leader cryptocurrencyBitcoin price it failed to stay above $60,000 and started a new decline against the US Dollar. BTC, it struggled to hold on to the $60,000 level for a while but was not successful. So Bitcoin, accelerated the decline in the morning and fell below the 56.000 dollar.  So how can Bitcoin perform after that?

Bitcoin Price Gains Bearish Momentum

Bitcoin price, attempted a wave of recovery above the $60,000 level. However, it failed to gain strength above $60,500 and started a new decline. The flagship cryptocurrency fell again earlier in the day and was down sharply below $60,000 and the 100-hour simple moving average.

With the decline in Bitcoin gaining momentum, the bears gained strength for a move below the $58,000 support level. As the bears gained strength in this region, the price declined to below the level of 56.500 dollars and a bottom was formed around 55.858 dollars.

In addition Bitcoinin order for it to recover, it needs to rise above critical resistance levels. The first resistance in the upward direction is close to the level of 56.500 dollars, while the first major resistance is located at the level of 57.000 dollars. Also BTC/USD there is also a significant downtrend line on the hourly chart of the pair, which shows resistance around $ 58,000. The main resistance is currently forming near the 58.000 dollar and 58.500 dollar levels.

a daily close above the $58,500 level could open the doors for a steady recovery. On the other hand, the price of Bitcoin rising above the next major resistance levels of $ 59,800 and $ 60,000 may trigger a movement towards the 61,200 dollar level.

The Negative Scenario in BTC

But Bitcoin if the 58.000 dollar cannot recover above the resistance zone, it may prolong the decline. Bitcoina further decrease in the price may first attract a critical support to the level of $ 55,500.

The leading cryptocurrencylooking at the chart of the first major support is currently located near the 55.200 dollar level. The next big support is close to the $55,000 level. Below these levels, bears can target more negativity. In this case, the price may shift towards the $53,500 support zone in the near term.

Technical indicators:

Hourly MACD: The MACD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently well below the 50 level.

The Main Levels of Support: $55,500, followed by $55,000.

The Main Levels of Resistance: $56,500, $57,000 and $58,500.

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