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{"id":463272,"date":"2021-05-07T02:48:18","date_gmt":"2021-05-07T02:48:18","guid":{"rendered":"https:\/\/uniquehot.com\/?p=463272"},"modified":"2024-06-11T13:55:34","modified_gmt":"2024-06-11T13:55:34","slug":"bitcoin-holds-key-support-55k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-holds-key-support-55k\/","title":{"rendered":"TA: Bitcoin Holds Key Support, Here\u2019s What Could Trigger A Sharp Decline"},"content":{"rendered":"

Bitcoin price failed to clear the $58,500 resistance against the US Dollar. BTC is correcting lower and it could decline heavily if there is a break below $55,500<\/em><\/p>\n

\n
Bitcoin struggled to clear the $58,500 resistance and started a fresh decline.<\/li>\n
The price is now trading below the $57,000 level and the 100 hourly simple moving average.<\/li>\n
There is a key rising channel forming with support near $56,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could decline heavily if there is a close below $56,000 and $55,500.<\/li>\n<\/ul>\n
Bitcoin Price is Testing Key Support<\/h2>\n
Bitcoin climbed again above the $58,000 level, but the bulls struggled to remain in action. BTC formed a short-term top near the $58,500 level and it recently started a downward move.<\/p>\n
There was a break below the $57,000 and $56,000 levels. The price even spiked below the $55,500 support level and a low is formed near $55,294. It is now trading below the $57,000 level and the 100 hourly simple moving average<\/a>.<\/p>\n
Bitcoin is attempting a recovery above the $56,000 level. It broke the 23.6% Fib retracement level of the recent decline from the $58,418 high to $55,294 low. There is also a key rising channel forming with support near $56,000 on the hourly chart of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
It is now facing resistance near the $56,500 level and the 100 hourly simple moving average. The next resistance sits near the $56,800 level. It is close to the 50% Fib retracement level of the recent decline from the $58,418 high to $55,294 low.<\/p>\n
If there is an upside break above the $56,800 and $57,000 levels, the price could rise further. The next key resistance is near the $58,500 level.<\/p>\n
More Losses in BTC?<\/h2>\n
If bitcoin fails to clear the $56,500 resistance or $56,800, it could continue to move down. An initial support on the downside is near the $56,000 level and the channel zone.<\/p>\n
The first key support<\/a> is near the $55,250 level, below which the price might test $55,000. Any more losses could open the doors for a drop towards the $52,500 level in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is struggling to move into the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just below the 50 level.<\/p>\n
Major Support Levels \u2013 $56,000, followed by $55,250.<\/p>\n
Major Resistance Levels \u2013 $56,800, $58,500 and $60,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price failed to clear the $58,500 resistance against the US Dollar. BTC is correcting lower and it could decline heavily if there is a break below $55,500 Bitcoin struggled to clear the $58,500 resistance and started a fresh decline. The price is now trading below the $57,000 level and the 100 hourly simple moving average. There is a key rising channel forming with support near $56,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could decline heavily if there is a close below $56,000 and $55,500. Bitcoin Price is Testing Key Support Bitcoin climbed again above the $58,000 level, but the bulls struggled to remain in action. BTC formed a short-term top near the $58,500 level and it recently started a downward move. There was a break below the $57,000 and $56,000 levels. The price even spiked below the $55,500 support level and a low is formed near $55,294. It is now trading below the $57,000 level and the 100 hourly simple moving average. Bitcoin is attempting a recovery above the $56,000 level. It broke the 23.6% Fib retracement level of the recent decline from the $58,418 high to $55,294 low. There is also a key rising channel forming with support near $56,000 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com It is now facing resistance near the $56,500 level and the 100 hourly simple moving average. The next resistance sits near the $56,800 level. It is close to the 50% Fib retracement level of the recent decline from the $58,418 high to $55,294 low. If there is an upside break above the $56,800 and $57,000 levels, the price could rise further. The next key resistance is near the $58,500 level. More Losses in BTC? If bitcoin fails to clear the $56,500 resistance or $56,800, it could continue to move down. An initial support on the downside is near the $56,000 level and the channel zone. The first key support is near the $55,250 level, below which the price might test $55,000. Any more losses could open the doors for a drop towards the $52,500 level in the near term. Technical indicators: Hourly MACD \u2013 The MACD is struggling to move into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just below the 50 level. Major Support Levels \u2013 $56,000, followed by $55,250. Major Resistance Levels \u2013 $56,800, $58,500 and $60,000.<\/p>\n","protected":false},"author":67,"featured_media":463274,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-463272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Bitcoin Holds Key Support, Here\u2019s What Could Trigger A Sharp Decline<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed to clear the $58,500 resistance against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Holds Key Support, Here\u2019s What Could Trigger A Sharp Decline","url":"http:\/\/uniquehot.com\/news\/bitcoin-holds-key-support-55k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-holds-key-support-55k\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_614141174.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_614141174.jpg?fit=1000%2C740"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-05-07T02:48:18Z","datePublished":"2021-05-07T02:48:18Z","dateModified":"2024-06-11T13:55:34Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Holds Key Support, Here\\u2019s What Could Trigger A Sharp Decline\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-holds-key-support-55k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-holds-key-support-55k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_614141174.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_614141174.jpg?fit=1000%2C740\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-05-07T02:48:18Z\",\"datePublished\":\"2021-05-07T02:48:18Z\",\"dateModified\":\"2024-06-11T13:55:34Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_614141174.jpg?fit=1000%2C740","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/463272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=463272"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/463272\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/463274"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=463272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=463272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=463272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

More Losses in BTC?<\/h2>\nIf bitcoin fails to clear the $56,500 resistance or $56,800, it could continue to move down. An initial support on the downside is near the $56,000 level and the channel zone.<\/p>\n