The leading cryptocurrency has struggled to reach the $60,000 level over the past few days, as bulls failed to capitalize on the broader market rally before bears reasserted control.
Bitcoin’s price continues to struggle after slipping below the $58,000 mark earlier today. Bears appear to be dominating the market and could push the BTC/USD pair lower in the coming hours. The pair faced heavy selling pressure over the last 24 hours, falling about 5% after hitting a daily high near $59,000 yesterday.
Bulls will need to build on the gains seen in altcoins if they hope to push Bitcoin back above $60,000 for the first time in five days. XRP remains the top performer among major cryptocurrencies, rising roughly 17% in the past 24 hours. The XRP/USD pair broke the $1 level for the first time in three years.
Binance Coin (BNB), Litecoin (LTC) and Chainlink (LINK) are among the other notable market gainers.
Bitcoin Price Outlook
Bitcoin appears to be in a downtrend on the 4-hour chart. The leading cryptocurrency is struggling to gain momentum and could suffer further losses in the coming hours if bulls do not step in.
If the current decline continues, the BTC/USD pair could drop toward the 100-day simple moving average, currently around $56,779.06. Bitcoin has formed solid support around $56,000, and bears have had difficulty pushing the price below that level in recent days. However, if price falls beneath the next psychological support near $56,979, bears could drive it lower toward the $55,000 area.
4-hour BTC/USD chart. Source: Coinalyze
On the upside, if the trend reverses, Bitcoin could clear the next resistance level at $58,339.49, opening a path to retest the $60,000 zone. The MACD signals a bearish bias for BTC, while the Bitcoin RSI (41.52) points to a neutral market, leaving room for either bulls or bears to take control.