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{"id":459294,"date":"2021-03-23T03:08:28","date_gmt":"2021-03-23T03:08:28","guid":{"rendered":"https:\/\/wncen.com\/?p=459294"},"modified":"2024-06-11T14:14:11","modified_gmt":"2024-06-11T14:14:11","slug":"bitcoin-drops-to-54k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-drops-to-54k\/","title":{"rendered":"TA: Bitcoin Drops To $54K, Why Recovery Could Be Limited In Short-Term"},"content":{"rendered":"

Bitcoin price extended its decline below the $55,500 support zone against the US Dollar. BTC is currently recovering, but it is likely to struggle near $55,500 and $56,450.<\/em><\/p>\n

\n
Bitcoin failed to clear $58,000 and it started a fresh decline below $57,000.<\/li>\n
The price is now trading well below $56,450 and the 100 hourly simple moving average.<\/li>\n
There was a break below a key contracting triangle with support near $56,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to continue lower if it fails to recover above $55,500 and $56,450.<\/li>\n<\/ul>\n
Bitcoin Price Extends Losses<\/h2>\n
There was no clear upside break in bitcoin above the $58,000 resistance zone. As a result, BTC broke the $56,450 support zone to move into a bearish zone (as discussed in yesterday\u2019s analysis<\/a>).<\/p>\n
The bears took control and the price even failed to stay above the $55,500 support level. There was a break below a key contracting triangle with support near $56,800 on the hourly chart of the BTC\/USD pair. There was also a spike below the $54,500 support and the price tested the $53,750 support.<\/p>\n
A low is formed near $53,786, and the price is now trading well below $56,450 and the 100 hourly simple moving average. Bitcoin is currently recovering and trading above $54,500. It cleared the 23.6% Fib retracement level of the recent decline from the $58,400 high to $53,783 low.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The first major resistance is near the $55,500 level. The next major resistance<\/a> is near the $56,000 level. It is close to the 50% Fib retracement level of the recent decline from the $58,400 high to $53,783 low.<\/p>\n
The main resistance is now forming near the $56,450 level, above which the price might revisit the key $58,000 breakout resistance zone.<\/p>\n
More Losses in BTC?<\/h2>\n
If bitcoin fails to correct higher above $55,500 and $56,000, there are chances of more downsides in the near term. An initial support is near the $54,000 level.<\/p>\n
The key support is now near the $53,750 level, below which the bears might aim a test of the $50,000 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $54,000, followed by $53,750.<\/p>\n
Major Resistance Levels \u2013 $55,550, $56,000 and $56,450.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price extended its decline below the $55,500 support zone against the US Dollar. BTC is currently recovering, but it is likely to struggle near $55,500 and $56,450. Bitcoin failed to clear $58,000 and it started a fresh decline below $57,000. The price is now trading well below $56,450 and the 100 hourly simple moving average. There was a break below a key contracting triangle with support near $56,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to continue lower if it fails to recover above $55,500 and $56,450. Bitcoin Price Extends Losses There was no clear upside break in bitcoin above the $58,000 resistance zone. As a result, BTC broke the $56,450 support zone to move into a bearish zone (as discussed in yesterday\u2019s analysis). The bears took control and the price even failed to stay above the $55,500 support level. There was a break below a key contracting triangle with support near $56,800 on the hourly chart of the BTC\/USD pair. There was also a spike below the $54,500 support and the price tested the $53,750 support. A low is formed near $53,786, and the price is now trading well below $56,450 and the 100 hourly simple moving average. Bitcoin is currently recovering and trading above $54,500. It cleared the 23.6% Fib retracement level of the recent decline from the $58,400 high to $53,783 low. Source: BTCUSD on TradingView.com The first major resistance is near the $55,500 level. The next major resistance is near the $56,000 level. It is close to the 50% Fib retracement level of the recent decline from the $58,400 high to $53,783 low. The main resistance is now forming near the $56,450 level, above which the price might revisit the key $58,000 breakout resistance zone. More Losses in BTC? If bitcoin fails to correct higher above $55,500 and $56,000, there are chances of more downsides in the near term. An initial support is near the $54,000 level. The key support is now near the $53,750 level, below which the bears might aim a test of the $50,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $54,000, followed by $53,750. Major Resistance Levels \u2013 $55,550, $56,000 and $56,450.<\/p>\n","protected":false},"author":67,"featured_media":459296,"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-459294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Bitcoin Drops To $54K, Why Recovery Could Be Limited In Short-Term<\/title>\n<meta name=\"description\" content=\"Bitcoin price extended its decline below the $55,500 support zone 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":"TA: Bitcoin Drops To $54K, Why Recovery Could Be Limited In Short-Term","url":"http:\/\/wncen.com\/news\/bitcoin-drops-to-54k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-drops-to-54k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_1324745120.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_1324745120.jpg?fit=1000%2C667"},"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":"2021-03-23T03:08:28Z","datePublished":"2021-03-23T03:08:28Z","dateModified":"2024-06-11T14:14:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Drops To $54K, Why Recovery Could Be Limited In Short-Term\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-drops-to-54k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-drops-to-54k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_1324745120.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_1324745120.jpg?fit=1000%2C667\"},\"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\":\"2021-03-23T03:08:28Z\",\"datePublished\":\"2021-03-23T03:08:28Z\",\"dateModified\":\"2024-06-11T14:14:11Z\"}<\/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_1324745120.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/459294"}],"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=459294"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/459294\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/459296"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=459294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=459294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=459294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}