Bitcoin price attempted to recover above $ 56,000 against the US Dollar. However, it struggled for over $ 57,000. BTC has slashed gains and even broke the $ 53,200 support zone.
Bitcoin pulled the drop below the $ 53,200 and $ 53,000 support levels.
The price is currently trading well below $ 54,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $ 54,220 on the hourly chart of the BTC / USD pair.
The pair seems to continue to decline towards the $ 51,000 and $ 50,000 levels in the near term.
If Bitcoin fails to correct above $ 53,200 and $ 54,500, there is a risk of further decline in the near term. Initial support is near the $ 51,500 level.
The initial major support is currently near the $ 51,000 level, and below that the price is likely to test the $ 50,000 support zone. Further losses could require a move towards the $ 48,000 level.
Hourly MACD – The MACD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well below the 40 level.
Major Support Levels – $ 51,000 followed by $ 50,000.
Major Resistance Levels – $ 53,200, $ 54,500 and $ 55,000.