Bitcoin (BTC) Price Analysis: BTC Grapples With Challenges Near $57,000 Resistance Level

Bitcoin's price recently dipped, retesting the critical $55,600 support zone. Following this test, BTC is now grappling with challenges and may encounter obstacles

Bitcoin’s price encountered difficulties on Monday as the cryptocurrency attempted to regain ground following a recent decline. BTC’s price dipped, retesting the critical $55,600 support zone before attempting a recovery. However, this recovery faced challenges at the $57,000 resistance level.

In recent sessions, Bitcoin faced hurdles in rising above the $57,750 mark. At the time of writing, BTC’s price is trading below $57,200 and lies under the 100-hourly Simple Moving Average. A bearish trend line is emerging on the hourly chart of the BTC/USD pair, showcasing resistance near $57,050.

Bitcoin attempted a recovery above $57,500 but was met with strong bearish activity around the $58,500 resistance level. A peak was recorded at $58,508 before the price began its descent. This downturn saw BTC retest the $55,600 support zone, recording a low at $55,601. Following this, a recovery wave began pushing the price past $56,000 and $56,200 resistance levels. This ascent managed to surpass the 23.6% Fibonacci retracement level from a high of $58,508 to a low of $55,601.

Currently, Bitcoin is trading below $57,200, with notable resistance levels ahead. The emerging bearish trend line near $57,050 is aligning with the 50% Fibonacci retracement level of the recent decline. The immediate resistance lies at $57,750, and a decisive breakthrough might propel Bitcoin higher.

If the price clears the $57,750 resistance, the next significant level is around $58,500. Overcoming this hurdle could spark a more substantial rally, potentially lifting the price to test the $60,000 resistance mark.

However, if Bitcoin fails to overcome the $57,750 resistance, there may be another decline on the horizon. Immediate support is positioned close to the $56,000 level, with more robust support at $55,600. Should these levels fail to hold, further slipping might drive the price down towards the $55,000 and even to the $53,500 range.

Technical indicators show the hourly MACD is losing momentum in the bearish zone. Meanwhile, the hourly RSI for BTC/USD is hovering around the 50 level, indicating a balance between buying and selling pressures. The major support levels to watch are $56,000 and $55,600, whereas the major resistance levels are $57,050 and $57,750.

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