Bitcoin Price Turns Red: Risk of More Losses as $55K Test Looms

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,110,084,928,199	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,110,084,928,199

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-1,803.00	-3.09%	56,505.59	56,498.16	56,498.17

Price Change

Price Change %

Current Price

Bid Price

Offer

-1,803.00

-3.09%

56,505.59

56,498.16

56,498.17

High Price	Low Price	Open Price	Prev. Close	52 Week Range
58,448.89	56,190.00	58,159.42	58,301.16	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

58,448.89

56,190.00

58,159.42

58,301.16

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	23:42:43	0.000212	56,498.16	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

23:42:43

0.000212

56,498.16

USD

Price x Volume	Volume	Base Symbol	Related Pairs
352,494,642.93	6,150.22	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

352,494,642.93

6,150.22

Bitcoin Price Turns Red: Risk of More Losses as $55K Test Looms

05/07/2024 3:47am

NEWSBTC

Bitcoin price failed to start a recovery wave above the $61,500 resistance zone. BTC started another decline and might dive toward $55,000. Bitcoin started a fresh decline and traded below the $58,500 zone. The price is trading below $60,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $58,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might struggle to start a fresh increase above the $60,000 resistance zone. Bitcoin Price Extends Losses Bitcoin price struggled to start a decent recovery wave above the $61,500 resistance level. The bears remained in action and pushed BTC below the $60,000 support zone. There was a sharp decline below the $58,500 level. The price even spiked below the $57,000 level. A low was formed at $56,650 and the price is now consolidating losses. It seems like the bulls are struggling to start a recovery wave from the $56,650 level as the price is now well below the 23.6% Fib retracement level of the downward move from the $63,800 swing high to the $56,650 low. Bitcoin price is now trading below $60,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance at $58,350 on the hourly chart of the BTC/USD pair. If there is a decent increase, the price could face resistance near the $57,500 level. The first key resistance is near the $58,350 level and the trend line. A clear move above the trend line might send the price toward the $60,000 level. The next key resistance could be $60,200 and the 50% Fib retracement level of the downward move from the $63,800 swing high to the $56,650 low. A clear move above the $60,200 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $61,500 resistance. More Losses In BTC? If Bitcoin fails to climb above the $58,350 resistance zone, it could continue to move down. Immediate support on the downside is near the $56,650 level. The first major support is $56,200. The next support is now forming near $55,800. Any more losses might send the price toward the $55,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $56,650, followed by $55,000. Major Resistance Levels – $58,350, and $60,000.

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