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BTC Will Struggle Above $57,500 And Here’s Why: Price Analysis

BTCUSD

BTC will struggle above $57,500 as it extended its decline and tested the $55K support against the US dollar. The coin is now recovering but it is going to face a strong resistance close to the $57K level as we can see more in our latest bitcoin news today.

BTC failed to hold the $57K zone and declined towards $55,5000 with the price now trading well below the $57,500 support and the 100 hourly simple moving average. There was a new break below the key contracting triangle and the support at $57,450 on the hourly chart of the pair which can correct higher but the bulls will face a strong selling interest near the $57K.

Source BTCUSD on TradingView.com

BTC will struggle even more as it did with the move above $58K and resulting in a bearish move. BTC broke the $57,500 and the $56,200 support levels to move into the bearish zone and there was also another break below the key contracting triangle with the support near $57,450 on the hourly chart of the pair. The BTC/USD pair spiked below $56K and tested the next key support near the $55,500 zone with the new low forming near it and the price consolidating the losses. It is now trading above the $56K and testing the 23.6% fib retracement level from the drop at $59,475 high to $55,492 low. On the upside, the first key resistance level is near $57K.

altcoins against btc
Altcoins post impressive 24-hour adjusted returns against Bitcoin. Source Messari

The main resistance is forming near the $57K and the 50% fib retracement level from the drop of $59,475 high to $55,492 low which is also near the $57,500 and will act as a massive hurdle. Breaking above the level could open the doors for a new increase so if BTC fails to climb higher, there will be more downsides with the first support on the downside being $56,000. The main support is now forming near $55K and a new downside break below this level could speed up the losses even further. The next target for the bears could be at $52,500 in the near term.

The hourly MACD for the pair is losing momentum in the bearish zone with the hourly RSI For the pair being well below the 50 level.

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