Bitcoin has failed to clear the $58,500 resistance area and it has restarted its downtrend and it may continue to decline below $54,000.
The price has declined below the $56,500 area and settled below it and the 100 hourly simple moving average.
There is a bearish trend line forming connecting the downside with resistance at $56,350 on the hourly chart of BTC/USD (data source from Kraken).
Under the current circumstances, bitcoin might find it difficult to break out of the $58,000 resistance and initiate a fresh increase.
Bitcoin price turns red
Bitcoin price started a rebound above $57,000 and even rose above $58,000. However, the bearish force formed a resistance near $58,500.
The price hit a high of $58,396 and then started a fresh decline below the $57,000 and $56,500 key support levels. The low was touched near $54,301 and the price is currently consolidating losses around this level. There was a slight increase from the $58,396 high to $54,301 low and it is approaching the 23.6% Fibonacci retracement level.
Bitcoin price remains below the $56,500 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $56,000 level while the first key resistance is near the $56,400 level.
There is a bearish trend line forming connecting the downtrend with resistance at $56,350 on the hourly chart of BTC/USD. This trend line is close to the 50% Fibonacci retracement level of the downward move from the $58,396 high to $54,301 low. If this trend line is clearly crossed, it could push the price towards the $57,400 level. The next key resistance could be $58,400.
A close above the $58.40 resistance level could start a steady increase in the price and drive it higher. In this case, there is a chance that the price could test the $60,000 resistance level in the coming sessions.
Finding the bottom is to welcome a bigger rise! Explore how 3 cryptocurrencies have the potential to grow 100 times in the bull market!
1.CHZ
Chiliz (CHZ) is a cryptocurrency in the sports industry. Recently, Chiliz announced a partnership with the Australian platform PUML
Better
Chiliz Health, a company focused on gamifying health and wellness activities, has entered into a partnership with the company. The partnership introduces a “Move to Earn” model that encourages sports enthusiasts to exercise while participating in the Chiliz digital ecosystem. This move combines sports activities with blockchain rewards, redefining the way fans engage in the sports industry.
Chiliz allows fans to participate in the management of their favorite sports teams. Fans can purchase a variety of fan tokens so they can be more closely connected to their clubs and create new revenue streams for sports organizations. The platform has established partnerships with several major sports teams and has also partnered with UFC and gaming organizations. By purchasing CHZ, fans can obtain fan tokens, which allow them to hold shares in the club.
2.ICP
ICP is the governance token of the Computer project, representing the governance rights of the Internet Computer blockchain. This blockchain uses advanced encryption technology to promote the concept of the "World Computer" blockchain. Recently, ICP has partnered with the United Nations Development Programme (UNDP) and the DFINITY Foundation to launch the Universal Trusted Credentials (UTC) program, which aims to improve financing channels for micro, small and medium-sized enterprises (MSMEs) around the world. The focus of this collaboration is to promote cross-border data trust, enhance domestic financing capabilities of MSMEs, and promote participation in international trade financing.
ICP has demonstrated good liquidity despite its relatively high market capitalization. Its 14-day relative strength index (RSI) of 37.51 shows that the coin is neutral and may continue to trade sideways. Despite high volatility of 15%, ICP has grown significantly over the past year and has a strong market position, making it one of the most valuable cryptocurrencies to invest in right now.
3.OM
Recently, MANTRA announced a strategic partnership with MAG, a leading developer in the UAE, which has a portfolio of more than $5 billion in real estate investment. This partnership aims to use blockchain technology to change the way real estate investment is done. MANTRA's blockchain infrastructure will provide a secure and transparent platform for real estate tokenization, while MAG will provide its extensive portfolio and expertise in the UAE real estate market. This partnership marks an important step forward for both organizations in the real estate sector.
The initial focus of the alliance is Keturah, a luxury residential development in Dubai's Meydan district.
Reserve. Through secure vault products, investors can access this non-traditional asset class and enjoy attractive yields powered by blockchain technology. The collaboration opens up new opportunities for real estate project financing, allowing investors to take advantage of digital tokenization. After the news was announced, the OM token saw a significant surge and continues to move higher. If the bullish trend continues, a new all-time high may be possible!
