Bitcoin Shows Bearish Signs, Risk of Breakdown Below $56K

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,268,110,902,959	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,268,110,902,959

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	179.47	0.28%	64,460.59	64,459.29	64,463.37

Price Change

Price Change %

Current Price

Bid Price

Offer

179.47

0.28%

64,460.59

64,459.29

64,463.37

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,835.99	62,747.18	64,269.12	64,281.12	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,835.99

62,747.18

64,269.12

64,281.12

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	18:23:37	0.000045	64,464.01	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

18:23:37

0.000045

64,464.01

USD

Price x Volume	Volume	Base Symbol	Related Pairs
740,325,399.36	11,598.37	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

740,325,399.36

11,598.37

Bitcoin Shows Bearish Signs, Risk of Breakdown Below $56K

02/12/2021 3:08am

NEWSBTC

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 – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level. Major Support Levels – $57,000, followed by $56,000. Major Resistance Levels – $58,000, $58,500 and $60,000.

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