Bitcoin price failed to start a rebound above the $58,500 resistance zone. BTC has started another decline and may extend losses below $54,000.

• Bitcoin started a up-to-date decline and was trading below the $56,500 level.
• The price is trading below $56,500 and the 100-hour basic moving average.
• On the hourly chart of the BTC/USD pair (data from Kraken), a connecting downtrend line is forming with resistance at $56,350.
• The pair may struggle to start a up-to-date uptrend above the $58,000 resistance zone.

Bitcoin Price Turns Red

Bitcoin price started a rebound above the $57,000 level. BTC even climbed above the $58,000 level. However, bears were energetic near the $58,500 resistance zone.

A high was formed at $58,396 and the price started a up-to-date decline. There was a decline below the $57,000 and $56,500 levels. A low was formed near $54,301 and the price is now consolidating losses. There was a petite enhance towards the 23.6% Fibonacci retracement level of the downward move from the $58,396 high to the $54,301 low.

Bitcoin price is still below $56,500 and the 100-hour basic moving average. Immediate resistance upside is near the $56,000 level. First key resistance is near the $56,400 level.

On the hourly chart of the BTC/USD pair, a connecting bearish trendline is also forming with resistance at $56,350. The trendline is located near the 50% Fibonacci retracement level of the downward movement from the $58,396 high to the $54,301 low. A clear move above the trendline could send the price towards $57,400. The next key resistance could be $58,400.

A close above the $58.40 resistance could start a steady rally and push the price higher. In the given case, the price could rally and test the $60,000 resistance in the coming sessions.

More BTC losses?

If Bitcoin fails to break above the $56,400 resistance zone, it could continue to fall. Immediate support on the downside is near the $54,400 level.

The first major support is at $53,650. The next support is now forming near $53,200. Any further losses could send the price towards the $52,000 support zone 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 – $54,400, followed by $53,500.

Major resistance levels – USD 56,400 and USD 58,400.