{"id":477930,"date":"2021-12-02T03:08:35","date_gmt":"2021-12-02T03:08:35","guid":{"rendered":"https:\/\/wncen.com\/?p=477930"},"modified":"2024-06-11T14:09:28","modified_gmt":"2024-06-11T14:09:28","slug":"bitcoin-shows-bearish-signs-56k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-shows-bearish-signs-56k\/","title":{"rendered":"Bitcoin Shows Bearish Signs, Risk of Breakdown Below $56K"},"content":{"rendered":"<p><em>Bitcoin failed again to clear the $58,500 resistance against the US Dollar. BTC is declining and it might accelerate lower below the $56,000 support in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin is struggling to move above the $58,000 and $58,500 levels.<\/li>\n<li>The price is just trading above $57,000 and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a key bullish trend line with support near $57,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could accelerate lower if there is a clear break below the $56,000 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Struggling<\/h2>\n<p>Bitcoin price failed to gain pace above the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-aims-fresh-run-to-60k\/\" target=\"_blank\" rel=\"noopener \">$58,500 resistance zone<\/a>. BTC is slowly moving lower from the last swing high at $58,890. There was a break below the $58,000 level.<\/p>\n<p>The price traded below the 23.6% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high. Besides, there was a break below a key bullish trend line with support near $57,200 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Bitcoin is now just trading above $57,000 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-topside-bias-vulnerable-60k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. An immediate resistance on the upside is near the $57,500 level. The first major resistance is near the $58,000 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Bitcoin-1.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-477931\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Bitcoin-1.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Bitcoin-1.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Bitcoin-1.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Bitcoin-1.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Bitcoin-1.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Bitcoin-1.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Bitcoin-1.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Bitcoin-1.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 main resistance is still near the $58,500 level. A clear break above the $58,500 resistance zone could open the doors for more upsides. The next key resistance is near the $60,000 level, above which the price could rise steadily. The next stop for the bulls may possibly be near the $61,200 level.<\/p>\n<h2>Fresh Drop In BTC?<\/h2>\n<p>If bitcoin fails to clear the $58,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $57,000 level. The first major support is now forming near the $56,800 level and the 100 hourly SMA.<\/p>\n<p>The next major support is near the $56,000 level. It is near the 50% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high. A downside break below the $56,000 support may perhaps push the price towards $55,500. Any more losses might start a major decline towards $52,000.<\/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 currently below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $57,000, followed by $56,000.<\/p>\n<p>Major Resistance Levels \u2013 $58,000, $58,500 and $60,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin failed again to clear the $58,500 resistance against the US Dollar. BTC is declining and it might accelerate lower below the $56,000 support in the near term. Bitcoin is struggling to move above the $58,000 and $58,500 levels. The price is just trading above $57,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $57,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could accelerate lower if there is a clear break below the $56,000 support zone. Bitcoin Price is Struggling Bitcoin price failed to gain pace above the $58,500 resistance zone. BTC is slowly moving lower from the last swing high at $58,890. There was a break below the $58,000 level. The price traded below the 23.6% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high. Besides, there was a break below a key bullish trend line with support near $57,200 on the hourly chart of the BTC\/USD pair. Bitcoin is now just trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $57,500 level. The first major resistance is near the $58,000 level. Source: BTCUSD on TradingView.com The main resistance is still near the $58,500 level. A clear break above the $58,500 resistance zone could open the doors for more upsides. The next key resistance is near the $60,000 level, above which the price could rise steadily. The next stop for the bulls may possibly be near the $61,200 level. Fresh Drop In BTC? If bitcoin fails to clear the $58,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $57,000 level. The first major support is now forming near the $56,800 level and the 100 hourly SMA. The next major support is near the $56,000 level. It is near the 50% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high. A downside break below the $56,000 support may perhaps push the price towards $55,500. Any more losses might start a major decline towards $52,000. 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 currently below the 50 level. Major Support Levels \u2013 $57,000, followed by $56,000. Major Resistance Levels \u2013 $58,000, $58,500 and $60,000.<\/p>\n","protected":false},"author":67,"featured_media":464763,"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-477930","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 Shows Bearish Signs, Risk of Breakdown Below $56K<\/title>\n<meta name=\"description\" content=\"Bitcoin failed again to clear the $58,500 resistance 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 Shows Bearish Signs, Risk of Breakdown Below $56K","url":"http:\/\/wncen.com\/news\/bitcoin-shows-bearish-signs-56k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-shows-bearish-signs-56k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_1610297188.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_1610297188.jpg?fit=1000%2C556"},"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":"2021-12-02T03:08:35Z","datePublished":"2021-12-02T03:08:35Z","dateModified":"2024-06-11T14:09:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Shows Bearish Signs, Risk of Breakdown Below $56K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-shows-bearish-signs-56k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-shows-bearish-signs-56k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_1610297188.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_1610297188.jpg?fit=1000%2C556\"},\"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\":\"2021-12-02T03:08:35Z\",\"datePublished\":\"2021-12-02T03:08:35Z\",\"dateModified\":\"2024-06-11T14:09:28Z\"}<\/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_1610297188.jpg?fit=1000%2C556","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/477930"}],"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=477930"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/477930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/464763"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=477930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=477930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=477930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}