Bitcoin price failed to start a steady increase above the $60,000 resistance zone. As a result, there was a fresh bearish reaction and BTC declined below the $58,500 support zone. The price traded below the $57,500 support level and the 55 simple moving average (4-hours). It even spiked below the $56,000 level and traded as low as $55,415. The price is now consolidating losses above the $55,500 level. On the upside, an initial resistance is near the $55,750 level. It is near the 50% Fib retracement level of the downward move from the $60,070 swing high to $55,415 low. The main resistance is forming near the $58,200 ... (full story)