Bitcoin (BTC) Price Prediction: BTC Failed to Start a Recovery Wave, Might Extend Losses Below $54,000

Bitcoin price started a recovery wave above the $57,000 level. BTC even climbed above the $58,000 level. However, the bears were active near the $58,500 resistance zone.

Bitcoin price failed to begin a recovery wave above the $58,500 resistance zone. Now BTC is starting another decline and might extend losses below $54,000.

Bitcoin Price Commences a Downward Spiral

Bitcoin price rallied above the $57,000 level. BTC even climbed above the $58,000 level. However, the bears were active near the $58,500 resistance zone.

A high was formed at $58,396 and the price started a fresh decline. There was a drop below the $57,000 and $56,500 level. A low has formed near $54,301 and the price is now consolidating losses. There was a minor increase toward the 23.6% Fib retracement level of the downward move from the $58,396 swing high to the $54,301 low.

Bitcoin price is still trading below $56,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $56,000 level. The first key resistance is located around the $56,400 level.

On the hourly chart of the BTC/USD pair, there is also a connecting bearish trend line forming with resistance at $56,350. The trend line is positioned near the 50% Fib retracement level of the downward move from the $58,396 swing high to the $54,301 low. A clear move above the trend line could send the price toward the $57,400 level. The next key resistance is situated at $58,400.

A close above the $58,40 resistance may trigger a steady increase, propelling the price higher. In such a scenario, the price could rise and test the $60,000 resistance in the upcoming sessions.

Anticipating Further Losses in BTC

If Bitcoin fails to climb above the $56,400 resistance zone, it could continue to move down. Immediate support on the downside is located around the $54,400 level.

The first major support is at $53,650. The next support is now forming near $53,200. Any further losses could send the price toward the $52,000 support zone in the near term.

Technical Indicators

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

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

Major Support Levels – $54,400, followed by $53,500.

Major Resistance Levels – $56,400, and $58,400.

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