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{"id":463050,"date":"2021-05-05T02:48:17","date_gmt":"2021-05-05T02:48:17","guid":{"rendered":"https:\/\/wncen.com\/?p=463050"},"modified":"2024-06-11T13:55:29","modified_gmt":"2024-06-11T13:55:29","slug":"bitcoin-btc-risk-below-56k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-risk-below-56k\/","title":{"rendered":"TA: Bitcoin Extends Decline, Here\u2019s Why BTC Remains At Risk Below $56K"},"content":{"rendered":"

Bitcoin price extended its decline and tested the $53,000 zone against the US Dollar. BTC is correcting higher, but it is facing a lot of hurdles near $55,000 and $56,000.<\/em><\/p>\n

\n
Bitcoin remained in a short-term bearish zone and it extended its decline to $53,000.<\/li>\n
The price is now trading well below the $56,000 level and the 100 hourly simple moving average.<\/li>\n
There is a key bearish trend line forming with resistance near $55,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could correct higher, but it is likely to struggle near $56,000 and $56,500.<\/li>\n<\/ul>\n
Bitcoin Price is Facing Hurdles<\/h2>\n
Bitcoin failed to recover above the $57,000 barrier<\/a> and it extended its decline. BTC traded below the $54,000 support zone and it even declined below $53,200.<\/p>\n
There was a spike below $53,000 and the price traded as low as $52,943. It is now correcting higher and trading above the $54,000 level. There was a break above the 23.6% Fib retracement level of the recent drop from the $59,040 swing high to $52,943 low.<\/p>\n
It is now trading well below the $56,000 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $55,200 on the hourly chart of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
If there is an upside break above the trend line resistance, it could correct higher towards the $55,500 resistance zone. The 50% Fib retracement level of the recent drop from the $59,040 swing high to $52,943 low is also near the $55,600 level.<\/p>\n
The next key resistance is near the $56,000 level. A close above the $56,000 level might increase the chances of a steady increase<\/a> above the 100 hourly simple moving average.<\/p>\n
More Losses in BTC?<\/h2>\n
If bitcoin fails to clear the $55,500 resistance or $56,000, it could start a fresh decline. An initial support on the downside is near the $54,200 level.<\/p>\n
The first key support is near the $53,400 level, below which the price might revisit the $52,943 low. Any more losses could open the doors for a drop towards the $52,000 support zone.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is struggling to gain pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is recovering towards the 50 level.<\/p>\n
Major Support Levels \u2013 $54,200, followed by $53,000.<\/p>\n
Major Resistance Levels \u2013 $55,500, $56,000 and $58,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price extended its decline and tested the $53,000 zone against the US Dollar. BTC is correcting higher, but it is facing a lot of hurdles near $55,000 and $56,000. Bitcoin remained in a short-term bearish zone and it extended its decline to $53,000. The price is now trading well below the $56,000 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $55,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct higher, but it is likely to struggle near $56,000 and $56,500. Bitcoin Price is Facing Hurdles Bitcoin failed to recover above the $57,000 barrier and it extended its decline. BTC traded below the $54,000 support zone and it even declined below $53,200. There was a spike below $53,000 and the price traded as low as $52,943. It is now correcting higher and trading above the $54,000 level. There was a break above the 23.6% Fib retracement level of the recent drop from the $59,040 swing high to $52,943 low. It is now trading well below the $56,000 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $55,200 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com If there is an upside break above the trend line resistance, it could correct higher towards the $55,500 resistance zone. The 50% Fib retracement level of the recent drop from the $59,040 swing high to $52,943 low is also near the $55,600 level. The next key resistance is near the $56,000 level. A close above the $56,000 level might increase the chances of a steady increase above the 100 hourly simple moving average. More Losses in BTC? If bitcoin fails to clear the $55,500 resistance or $56,000, it could start a fresh decline. An initial support on the downside is near the $54,200 level. The first key support is near the $53,400 level, below which the price might revisit the $52,943 low. Any more losses could open the doors for a drop towards the $52,000 support zone. Technical indicators: Hourly MACD \u2013 The MACD is struggling to gain pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is recovering towards the 50 level. Major Support Levels \u2013 $54,200, followed by $53,000. Major Resistance Levels \u2013 $55,500, $56,000 and $58,500.<\/p>\n","protected":false},"author":67,"featured_media":463052,"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-463050","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 Extends Decline, Here\u2019s Why BTC Remains At Risk Below $56K<\/title>\n<meta name=\"description\" content=\"Bitcoin price extended its decline and tested the $53,000 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 Extends Decline, Here\u2019s Why BTC Remains At Risk Below $56K","url":"http:\/\/wncen.com\/news\/bitcoin-btc-risk-below-56k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-risk-below-56k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Depositphotos_179456522_l-2015.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Depositphotos_179456522_l-2015.jpg?fit=2000%2C1334"},"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":"2021-05-05T02:48:17Z","datePublished":"2021-05-05T02:48:17Z","dateModified":"2024-06-11T13:55:29Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Extends Decline, Here\\u2019s Why BTC Remains At Risk Below $56K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-risk-below-56k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-risk-below-56k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/Depositphotos_179456522_l-2015.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/Depositphotos_179456522_l-2015.jpg?fit=2000%2C1334\"},\"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\":\"2021-05-05T02:48:17Z\",\"datePublished\":\"2021-05-05T02:48:17Z\",\"dateModified\":\"2024-06-11T13:55:29Z\"}<\/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\/Depositphotos_179456522_l-2015.jpg?fit=2000%2C1334","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/463050","targetHints":{"allow":["GET"]}}],"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=463050"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/463050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/463052"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=463050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=463050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=463050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}