Bitcoin’s Price Risks Another Drop To $54K: Analysis

Bitcoin’s price risks another drop to $54K as It failed to gain more strength above the $60K resistance against the US dollar with the price showing a few bearish signs and could lead to another decline towards $54K as we can see more in our latest Bitcoin news.

Bitcoin struggled to clear the $60K resistance and dropped below the $58K with the price trading below it and the 100 hourly simple moving average and another key bearish trend line forming with the resistance near the $57K on the charts of the pair that will continue lower towards $54K as long as it is below the $58K resistance. Another failure to clear the $60K resistance means that BTC will drop lower and will enter the bearish zone.

There was another break below the $56,500 support level with the price trading well below the $58K and the 100 hourly simple moving average. It traded to as low as $55,544 before starting an upside correction and there was another break at $57K as well. The price climbed above the 50% fib retracement level from the downwards movement at ,901 high to ,544 low but the price failed to clear the K resistance and the 100 hourly simple moving average.
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There’s also a key bearish trend line forming with the resistance at $57,500 on the hourly charts of the pair which failed to clear the 61.8% fib retracement level of the downwards move at $59,901 high to $55,544 low. It’s showing more bearish signs below the $57,800 level and if there are more losses, the price will break the $55,544 low with the next major support sitting near $54,500.

If BTC stays above the $55,544 low and could start a fresh increase as well with the initial resistance on the upside nearing the $57,800 level. The main resistance is near the $58K level and a break above it could push the price to $60K. Bitcoin’s price risks another drop with more gains could start a pump towards the $62K level. The hourly MACD is slowly moving into the bearish zone with the hourly RSI being below the 50 level.