As we predicted yesterday, if the BTC/USD pair cannot hold above the level of 60000, it will begin a new decline. Yesterday, the bulls did not have enough strength to keep the Bitcoin price above $60000, and the price continued its correction. The BTC/USD pair dropped below the levels of 59000, 58000, 57000 and reached a low of 55640.
The key question remains where the price of Bitcoin can stop and bounce. The IntoTheBlock team indicated that the bottom support level is at 57400. However, at the time of publication, the BTC/USD pair is trading at around 56950.
We assume that in the current situation, in order to stop the decline in the price of the BTC/USD pair, it must hold above the level of 56500, in order to then overcome the mark of 57000.
On the hourly chart, a downtrend line has formed which provides resistance around 58000. Closing above this level suggests the beginning of a stable recovery in the price of Bitcoin.
Also on the hourly chart, an uptrend line is starting to form, which provides support around 56250. A breakout of this level will send the BTC/USD pair to the area of 55200.