TA: Bitcoin Fails Again, Here’s Why BTC Remains At Risk of More Losses

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Bitcoin price failed once again to clear the $60,000 resistance zone against the US Dollar. BTC is showing a few bearish signs, but the $52,500 support holds the key.

  • Bitcoin failed to gain pace above $59,500 and it even struggled to test $60,000.
  • The price is now trading near the $55,500 support and the 100 simple moving average (H4).
  • There was a break below a key contracting triangle with support near $58,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is recovering losses, but it is facing a strong resistance near $57,000.

Bitcoin Price Trims Gains

Bitcoin cleared the $58,800 and $59,000 resistance levels. It even spiked above $59,500 level, but there was no follow through move. It struggled to even test the $60,000 resistance zone.

As a result, there was a bearish reaction below the $58,500 and $58,000 support levels. There was also a break below a key contracting triangle with support near $58,000 on the 4-hours chart of the BTC/USD pair. The pair dived below the $55,500 level and the 100 simple moving average (H4).

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It traded as low as $53,445 and it is currently correcting losses. There was a break above the $54,000 and $54,500 levels. Bitcoin even…

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