TA: Bitcoin Squeezes Profits, Here's Why Bulls Wrestled Near $ 57K

Bitcoin's price did not continue to rise to $ 60,000 against the US dollar. BTC dropped rapidly and tested the $ 54,500 support area where the bulls took position. Bitcoin failed to increase its earnings and broke near the $ 59,000 level in the short term. The price is currently trading well below the $ 57,000 level and the 100 hourly simple moving average. There was a break below a major bullish line with support at $ 57,300 on the hourly chart for the pair. BTC / USD (Kraken data feed). The pair could correct the losses, but the bulls could face sellers near $ 57,000 and $ 57,400. Bitcoin price corrected 4% Bitcoin tried more advantages above the $ 58,500 resistance level. BTC tested the $ 59,000 area but couldn't stay higher. It formed at the high $ 59,028 before starting to move lower. The price broke the USD 58,000 and USD 57,000 support levels. There was a break below a major bullish line with support near $ 57,300 on the hourly chart of the BTC / USD pair. There was also an increase below the $ 55,000 support level. It is currently trading well below the $ 57,000 level and the 100 hourly easy moving average. A lower than $ 54,665 has occurred and the price is now trying to recover. Bitcoin broke the $ 55,500 resistance level. The last decline was a break above the 23.6% Fib retracement level between the $ 59,028 low to $ 54,665 low. Source: BTCUSD on TradingView.com On the upside, initial resistance is near the $ 56,800 level and the 100 hourly simple moving average. The 50% Fib retracement level of the last drop from $ 59,028 to $ 54,665 is also near $ 56,800. The main resistance is currently forming near the $ 57,000 area. A successful break above the $ 56,800 and $ 57,000 resistance levels could open the way for another step towards the $ 59,000 level. More losses in BTC? If Bitcoin fails to clear the $ 56,800 resistance, it may correct the bearish again. The initial bearish support is near the $ 55,000 level. What is the first big boost

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