Bitcoin price has started another decline from the $60,650 resistance. BTC is now vulnerable to further declines below the $57,500 support zone.

• Bitcoin corrects gains and appreciates below $59,000 level.
• The price is trading below $58,500 and the 100-hour uncomplicated moving average.
• On the hourly chart of the BTC/USD pair (data from Kraken), a connecting downtrend line is forming with resistance at USD 58,000.
• If the price stays above the support zone at USD 57,500, the pair could rise again.

Bitcoin Price Turns Red

Bitcoin price struggled to break through the $60,000 resistance zone and began a up-to-date decline. BTC fell below the $60,000 and $59,500 levels, beginning a downward correction.

There was a break below the 50% Fibonacci retracement level of the uptrend from the $55,550 swing low to the $60,638 high. Bears were able to push the price towards the $57,500 support zone. Currently, a connecting bearish trendline is forming on the hourly chart of the BTC/USD pair with resistance at $58,000.

Bitcoin is now trading below $58,500 and the 100-hour uncomplicated moving average. It is testing the 61.8% Fibonacci retracement level of the upside move from the $55,550 swing low to the $60,638 high.

On the other hand, the price could face resistance near the $58,000 level and the trend line. The first key resistance is near the $59,200 level and the 100-hour uncomplicated moving average. A clear move above the $59,200 resistance could start a steady rally in the coming sessions.

The next key resistance could be $60,000. A close above the $60,000 resistance could trigger more upside. In this case, the price could rally and test the $60,650 resistance.

More BTC Cons?

If Bitcoin fails to break above the $58,000 resistance zone, it could continue to fall. Immediate support on the downside is near the $57,500 level.

The first major support is at $56,750. The next support is now near the $56,250 zone. Any further losses could take the price towards the $55,550 support in the near future.

Technical indicators:

Hourly MACD – MACD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for the BTC/USD pair is currently below the 50 level.

Major support levels – $57,500 followed by $56,750.

Major resistance levels – USD 58,000 and USD 59,200.