Bitcoin Price Analysis: Sellers are looking at $ 55,000

Bitcoin followed its downward trend by breaking the support of $ 60,000 and a few hours ago the price reached its lowest level at $ 58,596. It is now possible that the price will continue to fall to $ 55,000.

to the Report Bitcoin started trading down above $ 65,000 two days ago, and after breaking this key support, the market started to decline.

The price first crossed the $ 62,000 level and the 100-day moving average (SMA) support and eventually fell below the key $ 60,000 support. The new price floor is now at the level of $ 58,630 and the price is fluctuating below this level.

If the market is bullish, the nearest resistance will be in the range of $ 60,000. $ 60,450 and a 23.6% Fibonacci retracement level will also act as the first key price resistance. In this analysis, Fibonacci levels are adjusted based on the downward movement of the price from $ 66,350 to the bottom of $ 58,630.

In the 1-hour market, a bearish downtrend line is in the range of $ 61,000. Crossing this level can pave the way for price recovery. After that, another key resistance is near $ 62,500 and the 50% Fibonacci retracement level. Crossing this level can be a spark to start a new uptrend.

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If Bitcoin continues to fail to recover above the $ 61,000 level, the bearish correction may deepen. In this case, the closest support will be in the range of $ 58,800.

The first key price support is forming near $ 58,650, after which $ 58,000 will act as key price support. If this level is broken, sellers will test the $ 55,000 support in the medium term.

The MACD is rapidly falling and the Relative Strength Index (RSI) is below 50.

As mentioned, $ 58,500 and $ 58,000 are key Bitcoin supports, and $ 60,450, $ 61,000 and $ 62,500 also act as price resistance.