Bitcoin

Resistance

Bitcoin price started another decline from the $59,500 level. BTC is moving lower, and the bears could gain strength below the $56,000 support. 
<ul> 
 <li>Bitcoin started another decline from the $59,500 resistance zone.</li> 
 <li>The price is trading below $57,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key declining channel forming with resistance at $58,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might continue to move down if it fails to stay above the $56,500 support.</li> 
</ul> 
<h2 id="bitcoin-price-dips-again">Bitcoin Price Dips Again</h2> 
Bitcoin price struggled to clear the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-hit-rejection-60k/" target="_blank" rel="noopener ">$59,500 and $60,000 resistance levels</a>. BTC peaked near the $59,500 resistance zone and recently started another decline. There was a move below the $58,500 level. 
The price declined below the $57,800 and $57,500 support levels. It tested the $56,600 zone. A low was formed at $56,593 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the $58,963 swing high to the $56,593 low. 
Bitcoin price is now trading below $57,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-targets-recovery-60k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance on the upside is near the $57,750 level. The first key resistance is near the $58,000 level or the 61.8% Fib retracement level of the downward move from the $58,963 swing high to the $56,593 low. 
A clear move above the $58,000 resistance might start a decent increase in the coming sessions. The next key resistance could be $58,500. There is also a key declining channel forming with resistance at $58,400 on the hourly chart of the BTC/USD pair. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_2f3da2.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-629382 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_2f3da2.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_2f3da2.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_2f3da2.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_2f3da2.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_2f3da2.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_2f3da2.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_2f3da2.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_2f3da2.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next major hurdle sits at $59,500. A close above the $59,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $60,000 resistance. 
<h2 id="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to climb above the $58,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $56,600 level. 
The first major support is $56,000. The next support is now near $55,000. Any more losses might send the price toward the $53,500 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 – $56,500, followed by $55,000. 
Major Resistance Levels – $58,000, and $58,500.

Bitcoin Price Falls Once More: Are Bears Poised for Another Drop?

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