{"id":476555,"date":"2021-11-17T03:08:28","date_gmt":"2021-11-17T03:08:28","guid":{"rendered":"https:\/\/wncen.com\/?p=476555"},"modified":"2024-06-11T14:00:22","modified_gmt":"2024-06-11T14:00:22","slug":"bitcoin-turns-red-55k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-turns-red-55k\/","title":{"rendered":"Bitcoin Turns Red, Why Bears Aim A Retest of $55K"},"content":{"rendered":"<p><em>Bitcoin price extended decline below the $60k support against the US Dollar. BTC could extend losses towards $55k in the coming sessions.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline below the $65k and $62k support levels.<\/li>\n<li>The price is now trading below $60,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $61,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could extend losses below the $58,500 and $57,500 support levels in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Price Gains Bearish Momentum<\/h2>\n<p>Bitcoin price started a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-bears-are-back-60k\/\" target=\"_blank\" rel=\"noopener \">fresh decline<\/a> from well above the $65,000 zone. BTC traded below the key $65,000 support level to enter a bearish zone.<\/p>\n<p>There was a clear break below the $62,000 support and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-eyes-fresh-rally-why-close-above-66k-is-important\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. Finally, the price traded below the main $60,000 support zone. A low is formed near $58,630 and the price is now consolidating losses.<\/p>\n<p>On the upside, an immediate resistance is near the $60,000 level. The first major resistance is near the $60,450 level. It is close to the 23.6% Fib retracement level of the key decline from the $66,350 swing high to $58,630 low.<\/p>\n<p>There is also a key bearish trend line forming with resistance near $61,000 on the hourly chart of the BTC\/USD pair. A clear break above $61,000 resistance may possibly call open the doors for a steady recovery. The next major resistance sits near the $62,500 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-12.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-476556\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-12.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-12.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-12.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-12.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-12.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-12.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-12.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-12.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The 50% Fib retracement level of the key decline from the $66,350 swing high to $58,630 low is also near the $62,500 level to act as a key hurdle. A move above the $62,500 level might start a fresh rally.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to recover above the $61,000 resistance zone, it could extend decline. An immediate support on the downside is near the $58,800 level.<\/p>\n<p>The first major support is now forming near the $58,650 level. The next major support is near the $58,000 level, below which the bears might aim a retest of the $55,000 support zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $58,500, followed by $58,000.<\/p>\n<p>Major Resistance Levels \u2013 $60,450, $61,000 and $62,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended decline below the $60k support against the US Dollar. BTC could extend losses towards $55k in the coming sessions. Bitcoin started a fresh decline below the $65k and $62k support levels. The price is now trading below $60,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $61,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could extend losses below the $58,500 and $57,500 support levels in the near term. Bitcoin Price Gains Bearish Momentum Bitcoin price started a fresh decline from well above the $65,000 zone. BTC traded below the key $65,000 support level to enter a bearish zone. There was a clear break below the $62,000 support and the 100 hourly simple moving average. Finally, the price traded below the main $60,000 support zone. A low is formed near $58,630 and the price is now consolidating losses. On the upside, an immediate resistance is near the $60,000 level. The first major resistance is near the $60,450 level. It is close to the 23.6% Fib retracement level of the key decline from the $66,350 swing high to $58,630 low. There is also a key bearish trend line forming with resistance near $61,000 on the hourly chart of the BTC\/USD pair. A clear break above $61,000 resistance may possibly call open the doors for a steady recovery. The next major resistance sits near the $62,500 level. Source: BTCUSD on TradingView.com The 50% Fib retracement level of the key decline from the $66,350 swing high to $58,630 low is also near the $62,500 level to act as a key hurdle. A move above the $62,500 level might start a fresh rally. More Losses in BTC? If bitcoin fails to recover above the $61,000 resistance zone, it could extend decline. An immediate support on the downside is near the $58,800 level. The first major support is now forming near the $58,650 level. The next major support is near the $58,000 level, below which the bears might aim a retest of the $55,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining 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 $58,500, followed by $58,000. Major Resistance Levels \u2013 $60,450, $61,000 and $62,500.<\/p>\n","protected":false},"author":67,"featured_media":457687,"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-476555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Turns Red, Why Bears Aim A Retest of $55K<\/title>\n<meta name=\"description\" content=\"Bitcoin price extended decline below the $60k support against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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":"Bitcoin Turns Red, Why Bears Aim A Retest of $55K","url":"http:\/\/wncen.com\/news\/bitcoin-turns-red-55k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-turns-red-55k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/shutterstock_649452289-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/shutterstock_649452289-1.jpg?fit=1000%2C666"},"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":"2021-11-17T03:08:28Z","datePublished":"2021-11-17T03:08:28Z","dateModified":"2024-06-11T14:00:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Turns Red, Why Bears Aim A Retest of $55K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-turns-red-55k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-turns-red-55k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/shutterstock_649452289-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/shutterstock_649452289-1.jpg?fit=1000%2C666\"},\"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\":\"2021-11-17T03:08:28Z\",\"datePublished\":\"2021-11-17T03:08:28Z\",\"dateModified\":\"2024-06-11T14:00:22Z\"}<\/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\/02\/shutterstock_649452289-1.jpg?fit=1000%2C666","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/476555"}],"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=476555"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/476555\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/457687"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=476555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=476555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=476555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}