Short-Term Bearish? Bitcoin Price Dips Further- Apr. 8th

Bitcoin is struggling to restart an upward move above the $58,800 zone, resulting in a bearish move. BTC broke the $56,250 support levels to move further into a bearish zone.

There was also a break below a key contracting triangle with support near $57,450 on the hourly chart. From the hourly chart, Bitcoin dropped below the $56,000 level and tested the next key support near the $55,500 zone. It is now trading above $56,500. If bitcoin fails to stand still above $57,000 and $57,500, there could be more downsides.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI  – The RSI for BTC/USD is still well below the 50 level.

Major Support Levels – $56,000, followed by $55,500.

Major Resistance Levels – $57,000, $57,500 and $58,000.

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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