{"id":477193,"date":"2021-11-24T03:08:58","date_gmt":"2021-11-24T03:08:58","guid":{"rendered":"https:\/\/wncen.com\/?p=477193"},"modified":"2024-06-11T14:09:12","modified_gmt":"2024-06-11T14:09:12","slug":"bitcoin-continues-to-struggle-55k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-continues-to-struggle-55k\/","title":{"rendered":"TA: Bitcoin Continues To Struggle, Why BTC Could Dive Below $55K"},"content":{"rendered":"<p><em>Bitcoin is struggling to recover above $57,500 against the US Dollar. BTC is declining and could accelerate lower below $55,000 in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin is facing resistance near the key $58,000 and $57,500 levels.<\/li>\n<li>The price is now trading below $57,500 and the 100 hourly simple moving average.<\/li>\n<li>There is a crucial bearish trend line forming with resistance near $57,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is under pressure and might slide further below $55,500 in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Price Faces Hurdles<\/h2>\n<p>Bitcoin price <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-holds-key-support-60k\/\" target=\"_blank\" rel=\"noopener \">attempted another upside break<\/a> above the $58,000 resistance zone. However, BTC failed to gain strength for a clear move above the $57,500 and $58,000 levels.<\/p>\n<p>A high was formed near $57,850 and the price started a fresh decline. There was a break below the $57,500 and $57,200 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $55,362 swing low to $57,850 high.<\/p>\n<p>Bitcoin is now trading below $57,500 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-starts-fresh-decrease-55k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. There is also a crucial bearish trend line forming with resistance near $57,300 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>An immediate support is near the $56,300 level. It is close to the 61.8% Fib retracement level of the upward move from the $55,362 swing low to $57,850 high. The first major support is now forming near the $56,000 level. The main breakdown support is still near the $55,500 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-17.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-477194\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-17.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-17.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-17.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-17.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-17.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-17.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-17.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-17.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>A downside break below the $55,500 level could spark more losses. In the stated case, the price might even decline below the $55,000 level. The next major support could be near the $53,200 level.<\/p>\n<h2>Upside Limited In BTC?<\/h2>\n<p>If bitcoin stays above the $55,500 support, it could attempt a fresh recovery wave. On the upside, an initial resistance is near the $57,000 level.<\/p>\n<p>The first key resistance is near the $57,500 level and the trend line zone. The next major resistance sits near the $57,850 level and the 100 hourly simple moving average, above which the price might rise towards the $59,200 level.<\/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 below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $56,000, followed by $55,500.<\/p>\n<p>Major Resistance Levels \u2013 $57,200, $57,500 and $58,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is struggling to recover above $57,500 against the US Dollar. BTC is declining and could accelerate lower below $55,000 in the near term. Bitcoin is facing resistance near the key $58,000 and $57,500 levels. The price is now trading below $57,500 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $57,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is under pressure and might slide further below $55,500 in the near term. Bitcoin Price Faces Hurdles Bitcoin price attempted another upside break above the $58,000 resistance zone. However, BTC failed to gain strength for a clear move above the $57,500 and $58,000 levels. A high was formed near $57,850 and the price started a fresh decline. There was a break below the $57,500 and $57,200 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $55,362 swing low to $57,850 high. Bitcoin is now trading below $57,500 and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $57,300 on the hourly chart of the BTC\/USD pair. An immediate support is near the $56,300 level. It is close to the 61.8% Fib retracement level of the upward move from the $55,362 swing low to $57,850 high. The first major support is now forming near the $56,000 level. The main breakdown support is still near the $55,500 level. Source: BTCUSD on TradingView.com A downside break below the $55,500 level could spark more losses. In the stated case, the price might even decline below the $55,000 level. The next major support could be near the $53,200 level. Upside Limited In BTC? If bitcoin stays above the $55,500 support, it could attempt a fresh recovery wave. On the upside, an initial resistance is near the $57,000 level. The first key resistance is near the $57,500 level and the trend line zone. The next major resistance sits near the $57,850 level and the 100 hourly simple moving average, above which the price might rise towards the $59,200 level. 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 below the 50 level. Major Support Levels \u2013 $56,000, followed by $55,500. Major Resistance Levels \u2013 $57,200, $57,500 and $58,000.<\/p>\n","protected":false},"author":67,"featured_media":464089,"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-477193","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>TA: Bitcoin Continues To Struggle, Why BTC Could Dive Below $55K<\/title>\n<meta name=\"description\" content=\"Bitcoin is struggling to recover above $57,500 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":"TA: Bitcoin Continues To Struggle, Why BTC Could Dive Below $55K","url":"http:\/\/wncen.com\/news\/bitcoin-continues-to-struggle-55k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-continues-to-struggle-55k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_271682210.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_271682210.jpg?fit=1000%2C651"},"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":"2021-11-24T03:08:58Z","datePublished":"2021-11-24T03:08:58Z","dateModified":"2024-06-11T14:09:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Continues To Struggle, Why BTC Could Dive Below $55K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-continues-to-struggle-55k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-continues-to-struggle-55k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_271682210.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_271682210.jpg?fit=1000%2C651\"},\"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\":\"2021-11-24T03:08:58Z\",\"datePublished\":\"2021-11-24T03:08:58Z\",\"dateModified\":\"2024-06-11T14:09:12Z\"}<\/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\/05\/shutterstock_271682210.jpg?fit=1000%2C651","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/477193"}],"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=477193"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/477193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/464089"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=477193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=477193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=477193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}