The price of Bitcoin (BTC) fell by 3% in the last 24 hours as the coin fell to the current level of $55,000.

Bitcoin attempted to breach the $60,000 level over the weekend, but failed to close a daily candle above $58,355.

As a result, BTC retreated from $58,300 yesterday and fell below the March’s uptrend line to reach a low of $53,700, after which Bitcoin rebounded by the end of the day to close the candle at $54,000.

Earlier this morning, Bitcoin rose further to the $54,000 level.

Fortunately, Bitcoin found strong short-term support at $54,000, which is better seen on the 4-hour chart, and bounced higher from there to rise again above $55,000.

This latest BTC crash could set a short-term downtrend for the coin as it starts to reach a new low in two weeks.

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Support and resistance levels to watch:

The main support levels for Bitcoin are as follows:

$52,500, $52,000, $51,500, $50,700, $50,000.

The main resistance levels are:

$55,000, $58,350, $60,000, $61,780, $62,900.

The first level of support lies at $54,000.

This is followed by the support at $52,000 and $51,500 and immediately followed by $50,700 and $50,000.

On the other hand, the first resistance is at $55,500.

This is followed by $58,350, $60,000, $61,780 (Bitcoin’s highest peak at the moment), and $62,900.

The RSI has now fallen below its mid-line, indicating a short-term bearish momentum within the market.

If it continues to decline, the increased bearish momentum is likely to pull Bitcoin back towards $50,000.

The RSI is already in oversold territory, and the bullish crossover signal should help stop the downtrend.

Analysis taken from Source behave.

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