Bitcoin Price Hit By Rejection: Will Bulls Stumble Once More?

Bitcoin Price Hit By Rejection: Will Bulls Stumble Once More?


Bitcoin price struggled to clear the $59,500 level. BTC is moving lower and now at risk of more downsides toward the $56,000 level.

Bitcoin started another decline from the $59,475 resistance zone. The price is trading above $57,200 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $57,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another major decline if it fails to stay above the $57,200 support. Bitcoin Price Faces Trouble

Bitcoin price extended its recovery wave above the $57,500 level. BTC even climbed above the $58,500 level. However, the bears are active near the $59,500 resistance zone.

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