Bitcoin value tried a restoration above $56,000 in opposition to the US Dollar, nevertheless it struggled above $57,000. BTC trimmed positive aspects and it even broke the $53,200 help zone.

• Bitcoin prolonged its decline under $53,200 and $53,000 help ranges.
• The value is now buying and selling nicely under $54,000 and the 100 hourly easy shifting common.
• There was a break under a key bullish pattern line with help close to $54,220 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair is more likely to proceed decrease in direction of the $51,000 and $50,000 ranges within the close to time period.

Bitcoin Price Extends Losses

Yesterday, bitcoin began an honest restoration above the $55,500 and $56,000 ranges. BTC even spiked above the $57,000 resistance and the 100 hourly easy shifting common.

However, the value struggled to proceed increased and it began a contemporary decline from the $57,235 excessive. It broke a number of vital helps close to the $56,000 and $55,500 ranges. There was additionally a break under a key bullish pattern line with help close to $54,220 on the hourly chart of the BTC/USD pair.

The value even declined under the $54,000 help degree and the $53,200 pivot degree. It traded to a brand new weekly low at $51,634 and it’s now consolidating losses. An preliminary resistance is close to the $53,000 degree. It is near the 23.6% Fib retracement degree of the latest decline from the $57,235 excessive to $51,634 low.

Source: BTCUSD on TradingView.com

The first main resistance is close to the $53,200 pivot degree. If there’s a contemporary enhance above $53,200, the value might recuperate in direction of the $54,500 degree. The 50% Fib retracement degree of the latest decline from the $57,235 excessive to $51,634 low can also be near $54,500.

More Losses in BTC?

If bitcoin fails to right increased above $53,200 and $54,500, there are possibilities of more downsides within the close to time period. An preliminary help is close to the $51,500 degree.

The first key help is now close to the $51,000 degree, under which the value is more likely to take a look at the $50,000 help zone. Any extra losses may name for a transfer in direction of the $48,000 degree.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now nicely under the 40 degree.

Major Support Levels – $51,000, adopted by $50,000.

Major Resistance Levels – $53,200, $54,500 and $55,000.