Test

Bitcoin

Resistance

Bitcoin price failed to start a recovery wave above the $61,500 resistance zone. BTC started another decline and might dive toward $55,000. 
<ul> 
 <li>Bitcoin started a fresh decline and traded below the $58,500 zone.</li> 
 <li>The price is trading below $60,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance at $58,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might struggle to start a fresh increase above the $60,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-extends-losses">Bitcoin Price Extends Losses</h2> 
Bitcoin price struggled to start a decent recovery wave above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-hit-58k/" target="_blank" rel="noopener ">$61,500 resistance level</a>. The bears remained in action and pushed BTC below the $60,000 support zone. There was a sharp decline below the $58,500 level. 
The price even spiked below the $57,000 level. A low was formed at $56,650 and the price is now consolidating losses. It seems like the bulls are struggling to start a recovery wave from the $56,650 level as the price is now well below the 23.6% Fib retracement level of the downward move from the $63,800 swing high to the $56,650 low. 
Bitcoin price is now trading below $60,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-back-62k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bearish trend line forming with resistance at $58,350 on the hourly chart of the BTC/USD pair. 
If there is a decent increase, the price could face resistance near the $57,500 level. The first key resistance is near the $58,350 level and the trend line. A clear move above the trend line might send the price toward the $60,000 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d967f1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-627970 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d967f1.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d967f1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d967f1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d967f1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d967f1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d967f1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d967f1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_d967f1.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $60,200 and the 50% Fib retracement level of the downward move from the $63,800 swing high to the $56,650 low. A clear move above the $60,200 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $61,500 resistance. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $58,350 resistance zone, it could continue to move down. Immediate support on the downside is near the $56,650 level. 
The first major support is $56,200. The next support is now forming near $55,800. Any more losses might send the price toward the $55,000 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $56,650, followed by $55,000. 
Major Resistance Levels – $58,350, and $60,000.

Bitcoin Price Turns Red: Risk of More Losses as $55K Test Looms

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