TA: Bitcoin Fails Again, Here’s Why BTC Remains At Risk of More Losses

Bitcoin price failed once again to clear the $60,000 resistance zone against the US Dollar. BTC is showing a few bearish signs, but the $52,500 support holds the key.

Bitcoin failed to gain pace above $59,500 and it even struggled to test $60,000.
The price is now trading near the $55,500 support and the 100 simple moving average (H4).
There was a break below a key contracting triangle with support near $58,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair is recovering losses, but it is facing a strong resistance near $57,000.

Bitcoin Price Trims Gains
Bitcoin cleared the $58,800 and $59,000 resistance levels. It even spiked above $59,500 level, but there was no follow through move. It struggled to even test the $60,000 resistance zone.
As a result, there was a bearish reaction below the $58,500 and $58,000 support levels. There was also a break below a key contracting triangle with support near $58,000 on the 4-hours chart of the BTC/USD pair. The pair dived below the $55,500 level and the 100 simple moving average (H4).
It traded as low as $53,445 and it is currently correcting losses. There was a break above the $54,000 and $54,500 levels. Bitcoin even climbed above the 23.6% Fib retracement level of the recent drop from the $59,590 high to $53,445 low.

Source: BTCUSD on TradingView.com
The price is now trading near the $55,500 support and the 100 simple moving average (H4). An initial resistance is near the $56,500 level. It is close to the 50% Fib retracement level of the recent drop from the $59,590 high to $53,445 low.
The key resistance is now near the $57,000 level. A successful break above the $57,000 level is needed to start a fresh increase towards the $59,500 resistance zone in the near term.
More Losses in BTC?
If bitcoin fails to clear the $56,500 resistance or $57,000, it could extend its decline. An initial support on the downside is near the $54,500 level.
The first key support is near the $53,500 level and the recent low. Any more losses might call for a test of the main $52,500 support zone.
Technical indicators:
4-hours MACD – The MACD is slowly losing pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 40 level.
Major Support Levels – $54,500, followed by $53,500.
Major Resistance Levels – $56,500, $57,000 and $59,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 51,613.83
ethereum
Ethereum (ETH) $ 3,024.44
tether
Tether (USDT) $ 0.999613
bnb
BNB (BNB) $ 379.38
solana
Solana (SOL) $ 102.28
xrp
XRP (XRP) $ 0.545338
staked-ether
Lido Staked Ether (STETH) $ 3,021.65
usd-coin
USDC (USDC) $ 0.999952
cardano
Cardano (ADA) $ 0.588577
avalanche-2
Avalanche (AVAX) $ 36.70
dogecoin
Dogecoin (DOGE) $ 0.085927
tron
TRON (TRX) $ 0.137474
chainlink
Chainlink (LINK) $ 18.47
polkadot
Polkadot (DOT) $ 7.72
matic-network
Polygon (MATIC) $ 0.971906
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,605.83
uniswap
Uniswap (UNI) $ 10.61
the-open-network
Toncoin (TON) $ 2.11
internet-computer
Internet Computer (ICP) $ 12.40
shiba-inu
Shiba Inu (SHIB) $ 0.000010
bitcoin-cash
Bitcoin Cash (BCH) $ 266.92
litecoin
Litecoin (LTC) $ 69.89
dai
Dai (DAI) $ 0.998889
immutable-x
Immutable (IMX) $ 3.10
filecoin
Filecoin (FIL) $ 8.32
cosmos
Cosmos Hub (ATOM) $ 10.25
kaspa
Kaspa (KAS) $ 0.172031
leo-token
LEO Token (LEO) $ 4.20
near
NEAR Protocol (NEAR) $ 3.74
ethereum-classic
Ethereum Classic (ETC) $ 26.14
blockstack
Stacks (STX) $ 2.52
hedera-hashgraph
Hedera (HBAR) $ 0.108000
bittensor
Bittensor (TAO) $ 573.78
optimism
Optimism (OP) $ 3.67
aptos
Aptos (APT) $ 9.31
first-digital-usd
First Digital USD (FDUSD) $ 0.999555
stellar
Stellar (XLM) $ 0.115571
vechain
VeChain (VET) $ 0.044963
okb
OKB (OKB) $ 50.53
injective-protocol
Injective (INJ) $ 33.89
lido-dao
Lido DAO (LDO) $ 3.29
render-token
Render (RNDR) $ 7.53
celestia
Celestia (TIA) $ 16.99
the-graph
The Graph (GRT) $ 0.295805
mantle
Mantle (MNT) $ 0.789744
crypto-com-chain
Cronos (CRO) $ 0.093131
arbitrum
Arbitrum (ARB) $ 1.85
monero
Monero (XMR) $ 124.59
sei-network
Sei (SEI) $ 0.829596
sui
Sui (SUI) $ 1.62