Bitcoin price is now trading below $58,000, but it is still above important supports such as $56,500

Bitcoin price has dropped almost 3% to $ 57,631, but many smaller-cap cryptocurrencies continue to explode. Statistics data shows that over the past 24 hours, the lowest Bitcoin price recorded was at $ 57,421 and the highest was $ 59,484. The trading volume is about 61.5 billion USD, the market capitalization is recorded at $ 1,080 billion.

Bitcoin price is now trading below $ 58,000, but it is still above important supports such as $ 56,500

Bitcoin failed to gain strength above the $59,200 and $59,500 resistance levels.
The price is now trading below the $58,250 support and the 100 hourly simple moving average. There is a major contracting triangle forming with support near $57,400 on the hourly chart of the BTC/USD pair. The pair is likely to start afresh increase as long as there is no close below $56,500.

bitcoin-price-is-now-trading-below-58000-but-it-is-still-above-important-supports-such-as-56500

BTC/USD 4-hour chart | Source: TradingVew

It even settled below the $58,000 level and the 100 hourly simple moving average. A low is formed near $57,250 and the price is now consolidating losses near $57,500. It seems like there is a major contracting triangle forming with support near $57,400 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $57,800 level. It is near the 23.6% Fib retracement level of the recent decline from the $59,475 swing high to $57,250 low.

If Bitcoin fails to climb above $58,000 and $58,250, there could be more downsides. The first major support on the downside is near the $57,400 level and the triangle lower trend line. A downside break below the triangle support could lead the price towards the main $56,500 support level. Any more losses might put a lot of pressure on the bulls in the near term.

 

Bitcoin plunged, but many smaller-cap altcoins continued to explode. In which XRP increased 21.5%, Binance Coin increased 8.7%, Cardano increased 3.5%, Litecoin increased 7.5%, Chainlink increased 6.9%, Stellar increased 2.5%. Total market capitalization recorded $ 1,990 billion, up 0.87%.

Although Bitcoin is struggling at the 59,000 – 60,000 USD threshold, many experts still believe in it. Billionaire Robert Kiyosaki recently made the shock announcement about Bitcoin when he said that BTC will hit $ 1.2 million within the next five years.

Robert Kiyosaki revealed that he bought Bitcoin for $ 9,000 and now the price has reached $ 60,000:

“When I bought at the bottom, now Bitcoin has peaked. But in fact, I bought the digital currency because COVID-19 caused the government to pour money into the market so big that the dollar was devalued. Under President Biden, the stimulus package continues to roll out and will push Bitcoin’s price further.”

Previously, Jesse Powell, CEO of crypto exchange Kraken, said that Bitcoin will become the currency of the world. Powell emphasized that the USD is only 50 years old and shows signs of weakness so it is not long before people will start to calculate the price of everything in Bitcoin.

Powell added when asked about Bitcoin’s future price:

“In the short term, people see Bitcoin surpassing gold as a store of value. I think a $ 1 million price tag over the next 10 years is very reasonable.”

Such predictions are nothing new for the crypto market. In the summer of 2020, Powell firmly predicted that, after two years, the price of the most popular cryptocurrency will increase to $ 100,000.

However, there are also many doubts about Bitcoin in particular and the cryptocurrency market in general. Microsoft founder Bill Gates recently issued Bitcoin warnings.

Investors can get caught up in speculative madness, according to Gates, while Yellen insists Bitcoin is an extremely ineffective way to conduct transactions.

David Rosenberg, a strategist at Rosenberg Research, thinks Bitcoin is ultimately a bubble.

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