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Name Symbol Market Market Cap ($) Algorithm
Bitcoin BTCUSD Crypto 700,992,664,894 SHA-256d
  Price Change Price Change % Current Price Bid Price Offer
  255.03 0.69% 37,144.23 37,141.98 37,144.54
High Price Low Price Open Price Prev. Close 52 Week Range
37,240.99 35,526.36 36,771.97 36,817.86 28,811.98 - 69,000.00
Exchange Last Trade Size Trade Price Currency
BITF 23:53:17 0.134578 37,115.97 USD
Price x Volume Volume Base Symbol Related Pairs
1,060,442,923.88 29,206.65 BTC BTCEUR BTCGBP ETHBTC

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.

1 Year Bitcoin Chart

1 Year Bitcoin Chart

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1 Month Bitcoin Chart
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