The Bitcoin price found support around $52,500. Currently, BTC is trying to regain lost ground but is encountering resistance around $55,200 and $55,500.
Bitcoin Struggles to Hit $55,500 Region
The current price is below $55,200 and the 100 hourly simple moving average.
There is a key bearish trend line formed with resistance at $55,200 on the hourly chart of the BTC/USD pair.
In the short term, it seems difficult for the pair to break out of the $55,500 or $56,000 resistance levels
Bitcoin price is expected to recover
The price of Bitcoin remains in a bearish range, and the decline has further extended after breaking below the $55,500 support area. BTC even fell below the $53,200 level and also tested the $52,500 area, with the low set at $52,569. Now, the price is trying to rebound.
The price managed to break the $53,200 and $54,000 resistance levels and also broke the 23.6% Fibonacci retracement level of the downward move from the $58,508 high to $52,569 low. However, the price is now struggling to hit the $55,500 area.
Bitcoin is currently trading below $55,200 and the 100 hourly simple moving average. On the upside, the price is likely to face a strong resistance near $55,200. A key bearish trend line is also forming with resistance at $55,200 on the hourly chart of the BTC/USD pair.
This trend line is close to the 50% Fibonacci retracement level of the downward move from the $58,508 high to $52,569 low. The first key resistance is near the $55,500 level. A successful break above the $55,500 resistance level could drive the price higher in the coming sessions.
The next key resistance could be $56,200. A close above the $56,200 resistance could spark more gains. In such a case, the price could rise and test the $57,500 resistance.
But if Bitcoin fails to break above the $55,500 resistance area, then the price might decline again. An immediate support on the downside is near $54,000. The first major support is at $53,200. The next support is currently found near the $52,500 area. If the price declines further, it could drop to the $51,800 support in the short term.
