Bitcoin finds support near $52,500, but breakout above $55,500 resistance remains uncertainBitcoin price extended its decline after breaking below the $55,500 support area, even dipping below the $53,200 level and testing the $52,500 zone, reaching a low of $52,569. However, the price is currently attempting to rebound and successfully broke through the $53,200 and $54,000 resistance levels as well as the 23
Bitcoin finds support near $52,500, but breakout above $55,500 resistance remains uncertain
Bitcoin price extended its decline after breaking below the $55,500 support area, even dipping below the $53,200 level and testing the $52,500 zone, reaching a low of $52,569. However, the price is currently attempting to rebound and successfully broke through the $53,200 and $54,000 resistance levels as well as the 23.6% Fibonacci retracement level of the downward move from the $58,508 high to the $52,569 low.
Despite this, Bitcoin price is facing resistance as it tries to break through the $55,500 zone. Currently, BTC is trading below $55,200 and the 100-hour simple moving average. On the upside, price might face strong resistance around the $55,200 mark.
On the hourly chart of the BTC/USD pair, a key bearish trendline is also forming at the $55,200 level, coinciding with the 50% Fibonacci retracement level of the downward move from the $58,508 high to the $52,569 low.
In the short term, Bitcoin price seems to face an uphill battle breaking through the $55,500 or $56,000 resistance levels.
If Bitcoin price successfully breaks above the $55,500 resistance level, it could push the price further higher in the coming trading days. The next key resistance level would be $56,200.
A close above the $56,200 resistance level could trigger further upward momentum. In this case, the price could rise and test the $57,500 resistance level.
However, if Bitcoin fails to break above the $55,500 resistance zone, the price could decline once again.
Immediate support in the downside direction lies near $54,000. The first major support sits at $53,200. The next support level is currently located near the $52,500 zone.
If the price drops further, it might reach the $51,800 support level in the short term.
In conclusion, Bitcoin is currently at a critical juncture. A successful break above the $55,500 resistance level could trigger a new upward rally; however, a failure to break through could lead to continued declines. Investors need to closely monitor price action and adjust their strategies based on market developments.
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