TA: Bitcoin Increases Decline, Here's Why BTC Is At Risk Below $ 56,000

Bitcoin's price prolonged the fall and tested the $ 53,000 area against the US dollar. BTC corrects higher but faces many hurdles close to $ 55,000 and $ 56,000. Bitcoin remained in the bearish zone in the short term, taking its fall to $ 53,000. The price is currently trading well below the $ 56,000 level and the 100 hourly easy moving average. A major bearish trend line is forming on the hourly chart of the BTC / USD pair (Kraken data stream) with resistance near $ 55,200. The pair may correct upwards, but it should be struggling around $ 56,000 and $ 56,500. Bitcoin Price Confronts Obstacles Bitcoin failed to break above the $ 57,000 mark and continued its decline. BTC traded below the $ 54,000 support zone and even fell below $ 53,200. It dropped below $ 53,000 and the price dropped to $ 52,943. It is now correcting upwards and is trading above the $ 54,000 level. There was a break above the 23.6% Fib retracement level from the last drop from the $ 59,040 high to $ 52,943 low. It is currently trading well below the $ 56,000 level and the 100 hourly simple moving average. A major bearish trend line is forming with resistance near $ 55,200 on the hourly chart of the BTC / USD pair. Source: If there is an upside break above the BTCUSD Trendline resistance on TradingView.com, it could rise towards the $ 55,500 resistance area. The 50% Fib retracement level of the last drop from $ 59,040 to $ 52,943 is also near the $ 55,600 level. The next key resistance is near the $ 56,000 level. A close above the $ 56,000 level could raise the likelihood of a steady rise above the 100 hourly simple moving average. More BTC losses? If Bitcoin fails to lift the $ 55,500 or $ 56,000 resistance, it could trigger another decline. Initial bearish support is near the $ 54,200 level. The first major support is near the $ 53,400 level and below that the price could reach the low of $ 52,943 once again. More losses may occur

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