Looking at the daily chart, the resistance level of $58,000 is a very important level as it could provide a strong resistance for the market on its way to the upside. Read more about Buy BTC here. As reveals by the 4-hour chart, the Bitcoin price is seen hovering at $56,888 as the coin trades around the 9-day moving average with buyers pushing the price to the upside. However, if the bulls decide to push the market price above the upper boundary of the channel, the coin could find potential resistance at $59,000 and above. Furthermore, if the buyers can rebound from the current level, the first resistance level could be located above the 9-day moving average. This could likely follow potential resistance at the $63,000, $65,000, and $67,000 levels. Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. The Bitcoin price drop today as the cryptocurrency breaks beneath $57,000 and heads toward $55,000.
The Bitcoin price is currently trading below the 9-day and 21-day moving averages, with support provided by the lower boundary of the channel. However, a break below this trend line could cause Bitcoin to slide towards the $55,000 level. However, the king coin is currently in a critical position as the next few days may dictate the direction it will take over the next few weeks. Therefore, a drop below $53,000 could be detrimental to Bitcoin as it could lead the first digital asset to the supports of $51,000, $49,000, and $47,000. Meanwhile, if the Relative Strength Index moves below 45-level, the coin may locate the critical support at $55,000 and below. BTC/USD is seen dropping with another loss of 1.66% as the cryptocurrency keeps falling below the 9-day and 21-day moving averages to reach the daily low at $55,875.