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Bitcoin Price Turns Red: Risk of More Losses as $55K Test Looms

Started by Bitcoin, Jul 05, 2024, 06:22 am

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Bitcoin

Bitcoin Price Turns Red: Risk of More Losses as $55K Test Looms

Bitcoin price failed to start a recovery wave above the $61,500 resistance zone. BTC started another decline and might dive toward $55,000.



  • Bitcoin started a fresh decline and traded below the $58,500 zone.

  • The price is trading below $60,000 and the 100 hourly Simple moving average.

  • There is a key bearish trend line forming with resistance at $58,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair might struggle to start a fresh increase above the $60,000 resistance zone.


Bitcoin Price Extends Losses


Bitcoin price struggled to start a decent recovery wave above the $61,500 resistance level. The bears remained in action and pushed BTC below the $60,000 support zone. There was a sharp decline below the $58,500 level.


The price even spiked below the $57,000 level. A low was formed at $56,650 and the price is now consolidating losses. It seems like the bulls are struggling to start a recovery wave from the $56,650 level as the price is now well below the 23.6% Fib retracement level of the downward move from the $63,800 swing high to the $56,650 low.


Bitcoin price is now trading below $60,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance at $58,350 on the hourly chart of the BTC/USD pair.


If there is a decent increase, the price could face resistance near the $57,500 level. The first key resistance is near the $58,350 level and the trend line. A clear move above the trend line might send the price toward the $60,000 level.


Bitcoin Price

The next key resistance could be $60,200 and the 50% Fib retracement level of the downward move from the $63,800 swing high to the $56,650 low. A clear move above the $60,200 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $61,500 resistance.


More Losses In BTC?


If Bitcoin fails to climb above the $58,350 resistance zone, it could continue to move down. Immediate support on the downside is near the $56,650 level.


The first major support is $56,200. The next support is now forming near $55,800. Any more losses might send the price toward the $55,000 support zone 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 - $56,650, followed by $55,000.


Major Resistance Levels - $58,350, and $60,000.


Source: Bitcoin Price Turns Red: Risk of More Losses as $55K Test Looms