Bitcoin (BTC) Prints Bearish Signals, Risking a Drop beneath $56K

• Bitcoin struggles to conquer the obstacles at $58K and $58.5K levels.
• At the moment, Bitcoin trades within the $57,000 and 100Hr SMA.
• BTC/USD hourly chart shows that BTC broke under a vital bullish trend-line with support of around $57,200.
• Breaking down the support zone at $56,000 can witness the pair accelerating lower.

Bitcoin (BTC) fails to overcome the resistance at $58,500 against the dollar once more. For now, Bitcoin is in a declining mode and may dip lower beneath the support at $56,000 in the short term.

BTC Price Struggles to Move Higher

Bitcoin (BTC) price failed to gather the momentum to surge beyond the resistance level at $58,500. For now, the crypto slowly moves lower from its previous high of $58,890. Meanwhile, the leading crypto by market share experienced a break beneath the $58,000 area.

The price hovered under 23.6% Fibonacci retracement of the upsurge from the swing low at $53,300 to the $58,890 highs. Moreover, the hourly chart shows that BTC/USD suffered a break under a vital bullish trend-line with support of around $57,200.

For now, BTC trades slightly above $57,000 and 100HR Simple Moving Average. The coin has its closest resistance to the upwards at $57,500. The first massive resistance sits around the $58,000 mark. Meanwhile, the crucial resistance still stands at $58,500.

Overcoming this obstacle can see BTC/USD enjoying more upward movements. The next critical hurdle stands at $60,000 and overpowering it can mean steady uptrends for the pair. With that, bulls will target the next challenge that may emerge at $61,200.

Another Bitcoin Fall?

If the dominant cryptocurrency fails to overcome the resistance level at $58,000, it might sustain fresh plummets. That way, BTC will discover the nearest support around the $57,000 mark. Nevertheless, the first crucial support forms around the 100Hr Simple Moving Average at $56,800.

The following critical support level sits at $56,000. This zone is around the 50% Fibonacci retracement of the upswing from a swing low at $53,300 to $58,890. Breaching the support at $56,000 might see the coin exploring levels at $55,500. Further losses will have Bitcoin hitting $52,000.

Bitcoin Technical Indicators

• Hourly MACD: MACD gains momentum within the bearish territory.
• Hourly RSI: BTC/USD RSI sits under the 50-mark.
• Support levels: $57,000 and $56,000
• Resistance levels: $58,000, $58,500, and then $60,000.