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.
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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…