Bitcoin price once again dipped to $55,500. Currently, the price is recovering yet at $57,500 there could be another correction waiting. Here is a summary of Bitcoin price in the past 24 hours:
- BTC lost the $58,000 and $57,500 support levels.
- Currently, the price is below $57,500 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we see a downtrend with resistance level at $58,000.
- Bitcoin price is on a recovery but it is likely for another correction to occur at $57,500.
Bitcoin Price Action Analysis
BTC started a bear run from $59,500 and lost the $58,500 and $57,500 support levels.
Furthermore, the downtrend gained momentum and lost the $56,000 support. Once again, BTC reached $55,500adn the lowest recorded price is at $55,633 before trying to recover. Following that, BTC climbed back above $56,500. As of now, the price has penetrated the 23.6% Fibonacci retracement level from the latest fall from $59,411 to $55,633.
Currently, Bitcoin is below $57,500 and the 1-hour candles are below the SMA100. For the 1-hour chart, we have a new downtrend with resistance level at $58,000.
The first support level is at $56,500 followed by $55,500. In case of losing the $55,500 the downtrend will gain strong momentum. Further decline can cause a dip down to $52,000.
On the other hand, if BTC manages to stabilize above $56,500, it could have another try to recover. The first resistance level is at $57,200 followed by $57,500. This level is near the 50% Fibonacci retracement level from the latest fall. Following that, the $58,000 and the SMA100 will be the next resistance levels. In case all the above-mentioned levels are surpassed, BTC can reach $60,000 once again.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $57,500 and $58,000 and $60,000 are crucial levels for BTC to surpass.
Support levels: The $56,500 and $55,500 are currently the crucial support levels for the price.
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