In the past few sessions, bitcoin price saw a steady increase above the $58,000 resistance against the US Dollar. BTC even traded above the $59,000 level, but it failed to continue higher. A high was formed near $59,548 before the pair started a downside correction. There was a break below the $58,000 support zone and the 55 simple moving average (4-hours). The pair even traded below the $57,500 support zone, but the bulls appeared near $57,250. A low is formed near $57,240 and the price is now consolidating losses. An initial resistance is near the $58,400 level and the 55 simple moving average (4-hours). The 50% ... (full story)