TA: Bitcoin Trims Gains, Here’s Why The Bulls Could Struggle Near $57K

TA: Bitcoin Trims Gains, Here’s Why The Bulls Could Struggle Near $57K


Bitcoin price failed to continue higher towards $60,000 against the US Dollar. BTC declined sharply and tested the $54,500 support zone, where the bulls took a stand.

Bitcoin failed to extend gains and it formed a short-term top near the $59,000 level. The price is now trading well below the $57,000 level and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct losses, but the bulls might face sellers near $57,000 and $57,400. Bitcoin Price Corrects 4%

Bitcoin attempted more upsides above the $58,500 resistance level. BTC tested the $59,000 zone, but it failed to continue higher. A high was formed near $59,028 before it started a downward move.

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The price broke the $58,000 and $57,000 support levels. There was a break below a major bullish trend line with support

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