If Bitcoin fails to rise above the $59,200 resistance zone, it might continue to fall. An immediate support on the downside is near the $58,000 level or near the 60,638% Fibonacci retracement level of the upward move from the $55,548 swing low to $60,638 high.

The first major support is at $57,500. The next support is now near the $56,750 area. Any more losses might sink the price to the $55,550 support in the near term.

Technical Indicators:

Hourly MACD – The MACD is now picking up pace in the bearish zone.

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

Major Support – $58,000 followed by $57,500.

Major Resistance Levels – $59,200 and $60,000#美国大选如何影响加密产业？ #加密市场急跌 #灰度将推出首个美国XRP信托