Bitcoin Price Analysis

Bitcoin price analysis; Will $ 55,000 support be maintained?

Bitcoin buyers are trying to push the price above the $ 57,500 resistance. However, today the market trend has been down so far and it is likely that the price will fall below $ 55,000 in the short term.

to the Report Bitcoin News again tried to reach the top of the $ 58,000 resistance yesterday, but failed to cross the $ 57,500 to $ 58,000 range.

The price peaked yesterday at around $ 57,850, after which the price started a new downtrend. The downtrend was broken by $ 57,500 support and then $ 57,200. Sellers were then able to push the price below the support level of the 50% Fibonacci retracement at $ 56,606. In this analysis, Fibonacci levels are adjusted based on the upward movement of the price from $ 55,362 to the peak of $ 57,850.

Bitcoin is currently trading below $ 57,500 and the 100-hour moving average (SMA) is a key downtrend in the $ 57,300 range.

The closest price support is in the range of $ 56,300, which is close to the 61.8% Fibonacci retracement level. The first key price support is the $ 56,000 level and the breakout support is still seen in the $ 55,500 range.

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Bitcoin price analysis;  Will $ 55,000 support be maintained?
Bitcoin price chart (click on the image to see the original size)

Breaking the $ 55,500 support could lead to a deeper price correction. In that case, it may lose the $ 55,000 support price and will act as a key price support as the $ 53,200 downtrend continues.

But if the support price remains above $ 55,500, buyers can try to recover the price. If the market rises, the closest resistance to the price will be at $ 57,000.

The first key resistance is near $ 57,500 and the downtrend line is in the 1-hour market view. The next key resistance will be at $ 57,800 and the simple moving average of 100 hours, and crossing the price will pave the way for the continuation of the upward trend to $ 59,200.

The MACD is rapidly falling and the Relative Strength Index (RSI) is below 50.

As mentioned, $ 56,000 and $ 55,500 are key supports for Bitcoin, and $ 57,200, $ 57,500 and $ 58,000 also act as price resistance.


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