Bitcoin price has started to decline once again from the $59,500 level. Currently, BTC is trading below $57,500 and the 100 hourly Simple Moving Average. A key declining channel is forming with resistance at $58,400 on the hourly chart of the BTC/USD pair. If the price fails to stay above the $56,500 support, the bears could gain strength.
Bitcoin struggled to break through the $59,500 and $60,000 resistance levels, peaking near the $59,500 zone before starting another decline. It dipped below $58,500, $57,800, and $57,500 support levels, testing the $56,600 zone. The current price is consolidating losses near the 23.6% Fib retracement level.
Immediate resistance is at $57,750, with key resistance levels at $58,000 and $58,500. A clear move above $58,000 could signal a potential increase in the coming sessions, with the next major hurdle at $59,500. However, if Bitcoin fails to climb above the $58,000 resistance zone, it may continue to move down towards $56,600 support.
The first major support level is at $56,000, followed by $55,000. Further losses could push the price towards the $53,500 support zone. Hourly technical indicators show the MACD gaining pace in the bearish zone and the RSI for BTC/USD below the 50 level.
Overall, major support levels for Bitcoin are at $56,500 and $55,000, while major resistance levels are at $58,000 and $58,500. The price movement in the near term will be crucial in determining whether Bitcoin will see more downsides or a potential increase in value.