TA: Bitcoin Starts Fresh Decrease, Why BTC Could Test $55k

TA: Bitcoin Starts Fresh Decrease, Why BTC Could Test $55k

Bitcoin failed to clear the $60,000 resistance zone against the US Dollar. BTC is moving lower, and it could extend losses towards $55,000 in the near term.

Bitcoin struggled to recover above the $60,000 and $60,500 resistance levels. The price is now trading below $58,500 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $59,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is declining, and it seems like the bears are aiming more losses below $56,500. Bitcoin Price Turns Red

Bitcoin price attempted a recovery wave above the $58,500 resistance zone. BTC spiked above the $60,000 zone, but there was no real bullish momentum.

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