Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the multisite-clone-duplicator domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/wp-includes/functions.php on line 6114
[www-stage.newsbtc.com/analysis/btc/bitcoin-risk-57500/amp/]
[wp-includes/functions.php:6114 trigger_error(), wp-includes/functions.php:6054 wp_trigger_error(), wp-includes/l10n.php:1370 _doing_it_wrong(), wp-includes/l10n.php:1408 _load_textdomain_just_in_time(), wp-includes/l10n.php:194 get_translations_for_domain(), wp-includes/l10n.php:306 translate(), wp-content/plugins/multisite-clone-duplicator/include/lang.php:6 __(), wp-content/plugins/multisite-clone-duplicator/multisite-clone-duplicator.php:32 require_once('wp-content/plugins/multisite-clone-duplicator/include/lang.php'), wp-settings.php:471 include_once('wp-content/plugins/multisite-clone-duplicator/multisite-clone-duplicator.php'), wp-config.php:53 require_once('wp-settings.php'), wp-load.php:50 require_once('wp-config.php'), wp-blog-header.php:13 require_once('wp-load.php'), index.php:17 require('wp-blog-header.php')]

Bitcoin Price at Risk of Further Downside: Will Bears Tighten Grip?

Bitcoin Price at Risk of Further Downside: Will Bears Tighten Grip?

Bitcoin Price at Risk of Further Downside

Bitcoin Price at Risk of Further Downside

Bitcoin price started another decline from the $60,650 resistance. BTC is now at risk of more downsides below the $57,500 support zone.

Bitcoin Price Turns Red

Bitcoin price struggled to clear the $60,000 resistance zone and started a fresh decline. BTC declined below the $60,000 and $59,500 levels to start a downside correction.

There was a drop below the 50% Fib retracement level of the upward move from the $55,550 swing low to the $60,638 high. The bears were able to push the price toward the $57,500 support zone. There is now a connecting bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $58,500 and the 100 hourly Simple moving average. It is testing the 61.8% Fib retracement level of the upward move from the $55,550 swing low to the $60,638 high.

On the upside, the price could face resistance near the $58,000 level and the trend line. The first key resistance is near the $59,200 level and the 100 hourly Simple moving average. A clear move above the $59,200 resistance might start a steady increase in the coming sessions.

Source: BTCUSD on TradingView.com

The next key resistance could be $60,000. A close above the $60,000 resistance might spark more upsides. In the stated case, the price could rise and test the $60,650 resistance.

More Downsides In BTC?

If Bitcoin fails to rise above the $58,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $57,500 level.

The first major support is $56,750. The next support is now near the $56,250 zone. Any more losses might send the price toward the $55,550 support in the near term.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $57,500, followed by $56,750.

Major Resistance Levels – $58,000, and $59,200.

Exit mobile version