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{"id":462952,"date":"2021-05-04T02:48:14","date_gmt":"2021-05-04T02:48:14","guid":{"rendered":"https:\/\/wncen.com\/?p=462952"},"modified":"2024-06-11T13:55:28","modified_gmt":"2024-06-11T13:55:28","slug":"ta-bitcoin-trims-gains-heres-why-the-bulls-could-struggle-near-57k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ta-bitcoin-trims-gains-heres-why-the-bulls-could-struggle-near-57k\/","title":{"rendered":"TA: Bitcoin Trims Gains, Here\u2019s Why The Bulls Could Struggle Near $57K"},"content":{"rendered":"

Bitcoin price failed to continue higher towards $60,000 against the US Dollar. BTC declined sharply and tested the $54,500 support zone, where the bulls took a stand.<\/em><\/p>\n

\n
Bitcoin failed to extend gains and it formed a short-term top near the $59,000 level.<\/li>\n
The price is now trading well below the $57,000 level and the 100 hourly simple moving average.<\/li>\n
There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could correct losses, but the bulls might face sellers near $57,000 and $57,400.<\/li>\n<\/ul>\n
Bitcoin Price Corrects 4%<\/h2>\n
Bitcoin attempted more upsides above the $58,500 resistance level<\/a>. BTC tested the $59,000 zone, but it failed to continue higher. A high was formed near $59,028 before it started a downward move.<\/p>\n
The price broke the $58,000 and $57,000 support levels. There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC\/USD pair. There was also a spike below the $55,000 support level<\/a>.<\/p>\n
It is now trading well below the $57,000 level and the 100 hourly simple moving average. A low is formed near $54,665 and the price is now attempting a recovery. Bitcoin broke the $55,500 resistance level. There was a break above the 23.6% Fib retracement level of the recent decline from the $59,028 high to $54,665 low.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
On the upside, an initial resistance is near the $56,800 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $59,028 high to $54,665 low is also near $56,800.<\/p>\n
The main resistance is now forming near the $57,000 zone. A successful break above the $56,800 and $57,000 resistance levels could open the doors for a fresh move towards the $59,000 level.<\/p>\n
More Losses in BTC?<\/h2>\n
If bitcoin fails to clear the $56,800 resistance, it could correct lower once again. An initial support on the downside is near the $55,000 level.<\/p>\n
The first key support is near the $54,500 level and the recent low. A downside break below the $54,500 support might call for a drop towards the $52,000 support zone.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly recovering and losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well below the 50 level.<\/p>\n
Major Support Levels \u2013 $55,000, followed by $54,500.<\/p>\n
Major Resistance Levels \u2013 $56,800, $57,000 and $58,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price failed to continue higher towards $60,000 against the US Dollar. BTC declined sharply and tested the $54,500 support zone, where the bulls took a stand. Bitcoin failed to extend gains and it formed a short-term top near the $59,000 level. The price is now trading well below the $57,000 level and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct losses, but the bulls might face sellers near $57,000 and $57,400. Bitcoin Price Corrects 4% Bitcoin attempted more upsides above the $58,500 resistance level. BTC tested the $59,000 zone, but it failed to continue higher. A high was formed near $59,028 before it started a downward move. The price broke the $58,000 and $57,000 support levels. There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC\/USD pair. There was also a spike below the $55,000 support level. It is now trading well below the $57,000 level and the 100 hourly simple moving average. A low is formed near $54,665 and the price is now attempting a recovery. Bitcoin broke the $55,500 resistance level. There was a break above the 23.6% Fib retracement level of the recent decline from the $59,028 high to $54,665 low. Source: BTCUSD on TradingView.com On the upside, an initial resistance is near the $56,800 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $59,028 high to $54,665 low is also near $56,800. The main resistance is now forming near the $57,000 zone. A successful break above the $56,800 and $57,000 resistance levels could open the doors for a fresh move towards the $59,000 level. More Losses in BTC? If bitcoin fails to clear the $56,800 resistance, it could correct lower once again. An initial support on the downside is near the $55,000 level. The first key support is near the $54,500 level and the recent low. A downside break below the $54,500 support might call for a drop towards the $52,000 support zone. Technical indicators: Hourly MACD \u2013 The MACD is slowly recovering and losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well below the 50 level. Major Support Levels \u2013 $55,000, followed by $54,500. Major Resistance Levels \u2013 $56,800, $57,000 and $58,500.<\/p>\n","protected":false},"author":67,"featured_media":462954,"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-462952","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 Trims Gains, Here\u2019s Why The Bulls Could Struggle Near $57K<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed to continue higher towards $60,000 against the US Dollar. 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