What’s Next for Bitcoin, Declining to $ 53,000 Level?

Bitcoin pulled the drop below the $ 53,200 and $ 53,000 support levels.

The price is currently trading well below $ 54,000 and the 100 hourly simple moving average.

There was a break below a key bullish trend line with support near $ 54,220 on the hourly chart of the BTC / USD pair.

The pair seems to continue to decline towards the $ 51,000 and $ 50,000 levels in the near term.

Bitcoin Price Extends Losses

Yesterday, Bitcoin started a good recovery above the $ 55,500 and $ 56,000 levels. BTC even climbed above the $ 57,000 resistance and the 100 hourly simple moving average.

However, the price struggled to continue to rise and started a fresh decline from $ 57,235. It broke a few key supports near the $ 56,000 and $ 55,500 levels. Also, there was a break below a key bullish trend line with support near $ 54,220 on the hourly chart of the BTC / USD pair.

The price even fell below the $ 54,000 support level and the $ 53,200 pivot level. It traded to a new low from $ 51,634 per week and is currently consolidating losses. Initial resistance is near the $ 53,000 level.

The first major resistance is near the $ 53,200 pivot level. If there is a fresh increase above $ 53,200, the price could recover towards the $ 54,500 level.

Will there be more losses in BTC?

If Bitcoin fails to correct above $ 53,200 and $ 54,500, there is a risk of further decline in the near term. Initial support is near the $ 51,500 level.

The initial major support is currently near the $ 51,000 level, and below that the price is likely to test the $ 50,000 support zone. Further losses could require a move towards the $ 48,000 level.

Technical indicators

Hourly MACD – The MACD is currently gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well below the 40 level.

Major Support Levels – $ 51,000 followed by $ 50,000.

Major Resistance Levels – $ 53,200, $ 54,500 and $ 55,000.

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