Bitcoin price failed to continue higher towards $60,000 against the US Dollar. BTC declined sharply and tested the $54,500 support zone, where the bulls took a stand.

Bitcoin attempted more upsides above the $58,500 resistance level. BTC tested the $59,000 zone, but it failed to continue higher. A high was formed near $59,028 before it started a downward move.

The price broke the $58,000 and $57,000 support levels. There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC/USD pair. There was also a spike below the $55,000 support level.

It is now trading well below the $57,000 level and the 100 hourly simple moving average. A low is formed near $54,665 and the price is now attempting a recovery. Bitcoin broke the $55,500 resistance level. There was a break above the 23.6% Fib retracement level of the recent decline from the $59,028 high to $54,665 low.

On the upside, an initial resistance is near the $56,800 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $59,028 high to $54,665 low is also near $56,800.

The main resistance is now forming near the $57,000 zone. A successful break above the $56,800 and $57,000 resistance levels could open the doors for a fresh move towards the $59,000 level.

If bitcoin fails to clear the $56,800 resistance, it could correct lower once again. An initial support on the downside is near the $55,000 level.

The first key support is near the $54,500 level and the recent low. A downside break below the $54,500 support might call for a drop towards the $52,000 support zone.

Technical indicators:

Hourly MACD – The MACD is slowly recovering and losing pace in the bearish zone.

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

Major Support Levels – $55,000, followed by $54,500.

Major Resistance Levels – $56,800, $57,000 and $58,500.

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