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{"id":459137,"date":"2021-03-21T04:18:35","date_gmt":"2021-03-21T04:18:35","guid":{"rendered":"https:\/\/wncen.com\/?p=459137"},"modified":"2024-06-11T14:14:07","modified_gmt":"2024-06-11T14:14:07","slug":"why-bitcoin-price-remains-at-risk-of-downside-break-below-57k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-bitcoin-price-remains-at-risk-of-downside-break-below-57k\/","title":{"rendered":"Why Bitcoin Price Remains At Risk of Downside Break Below $57K"},"content":{"rendered":"

Bitcoin price is struggling to clear the $60,000 resistance against the US Dollar. BTC is likely to start a strong decline if there is a close below the $57,000 support.<\/em><\/p>\n

\n
Bitcoin failed to clear the $60,000 level and started a fresh decline below $59,000.<\/li>\n
The price is still well above $55,000 and the 100 simple moving average (4-hours).<\/li>\n
There is a key rising channel forming with support near $57,200 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could start a strong decline if there is a clear break below the $57,000 support zone.<\/li>\n<\/ul>\n
Bitcoin Price is Correcting Gains<\/h2>\n
This past week, bitcoin price made an attempt to clear the $60,000 resistance<\/a> against the US Dollar. However, the BTC\/USD pair failed to settle above the $60,000 level and recently started a fresh decline.<\/p>\n
There was a break below the $59,200 and $58,500 support levels. The price even traded below the 50% Fib retracement level of the upward move from the $56,367 swing low to $59,919 swing high. The price is still well above $55,000 and the 100 simple moving average (4-hours).<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
It is approaching the $57,200 and $57,000 support levels. There is also a key rising channel forming with support near $57,200 on the 4-hours chart of the BTC\/USD pair.<\/p>\n
The channel support is close to the 76.4% Fib retracement level of the upward move from the $56,367 swing low to $59,919 swing high. If there is a downside break below the channel support, the price could decline towards the $55,000 support level<\/a>. Any more losses might call for a move towards the $53,200 support.<\/p>\n
Fresh Increase in BTC?<\/h2>\n
If bitcoin remains stable above the $57,000 support level, there are chances of a fresh increase in the near term. An initial resistance on the upside is near the $59,200 level.<\/p>\n
The main resistance is still near the $60,000 level. A clear break above the $60,000 zone might open the doors for a strong increase. In the stated case, the price could rise towards the $62,000 level and to a new all-time high.<\/p>\n
Technical indicators<\/p>\n
4 hours MACD \u2013 The MACD for BTC\/USD is losing bullish momentum in the bullish zone.<\/p>\n
4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to stay above the 50 level.<\/p>\n
Major Support Level \u2013 $57,000<\/p>\n
Major Resistance Level \u2013 $60,000<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is struggling to clear the $60,000 resistance against the US Dollar. BTC is likely to start a strong decline if there is a close below the $57,000 support. Bitcoin failed to clear the $60,000 level and started a fresh decline below $59,000. The price is still well above $55,000 and the 100 simple moving average (4-hours). There is a key rising channel forming with support near $57,200 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could start a strong decline if there is a clear break below the $57,000 support zone. Bitcoin Price is Correcting Gains This past week, bitcoin price made an attempt to clear the $60,000 resistance against the US Dollar. However, the BTC\/USD pair failed to settle above the $60,000 level and recently started a fresh decline. There was a break below the $59,200 and $58,500 support levels. The price even traded below the 50% Fib retracement level of the upward move from the $56,367 swing low to $59,919 swing high. The price is still well above $55,000 and the 100 simple moving average (4-hours). Source: BTCUSD on TradingView.com It is approaching the $57,200 and $57,000 support levels. There is also a key rising channel forming with support near $57,200 on the 4-hours chart of the BTC\/USD pair. The channel support is close to the 76.4% Fib retracement level of the upward move from the $56,367 swing low to $59,919 swing high. If there is a downside break below the channel support, the price could decline towards the $55,000 support level. Any more losses might call for a move towards the $53,200 support. Fresh Increase in BTC? If bitcoin remains stable above the $57,000 support level, there are chances of a fresh increase in the near term. An initial resistance on the upside is near the $59,200 level. The main resistance is still near the $60,000 level. A clear break above the $60,000 zone might open the doors for a strong increase. In the stated case, the price could rise towards the $62,000 level and to a new all-time high. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is losing bullish momentum in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to stay above the 50 level. Major Support Level \u2013 $57,000 Major Resistance Level \u2013 $60,000<\/p>\n","protected":false},"author":67,"featured_media":459139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-459137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nWhy Bitcoin Price Remains At Risk of Downside Break Below $57K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to clear the $60,000 resistance against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Price Remains At Risk of Downside Break Below $57K","url":"http:\/\/wncen.com\/news\/why-bitcoin-price-remains-at-risk-of-downside-break-below-57k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-bitcoin-price-remains-at-risk-of-downside-break-below-57k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_262478576.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_262478576.jpg?fit=1000%2C800"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-03-21T04:18:35Z","datePublished":"2021-03-21T04:18:35Z","dateModified":"2024-06-11T14:14:07Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Price Remains At Risk of Downside Break Below $57K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoin-price-remains-at-risk-of-downside-break-below-57k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoin-price-remains-at-risk-of-downside-break-below-57k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_262478576.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_262478576.jpg?fit=1000%2C800\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-03-21T04:18:35Z\",\"datePublished\":\"2021-03-21T04:18:35Z\",\"dateModified\":\"2024-06-11T14:14:07Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_262478576.jpg?fit=1000%2C800","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/459137"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=459137"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/459137\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/459139"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=459137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=459137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=459137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}