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Bitcoin dangerously close to drop to the $ 55,000 level



The cryptocurrency market will continue to underperform through the weekend, and BTC and others could see further losses.

The crypto market has been correcting since the beginning of the week. Bitcoin has lost almost 20% of its value in the past few days. Bitcoin started the week trading over $ 65,000 per coin. Now the crypto is struggling to stay above the $ 57,000 level.

The bears are in control of the market. Losses could increase if current market dynamics do not change. At the time of writing, Bitcoin is trading at $ 57,074 per coin. That's a 17% decline from the all-time high of $ 69,044 that was hit about two weeks ago.

An overview of important levels

The BTC / USD 4-hour chart is extremely bearish right now thanks to Bitcoin's recent poor performance. The MACD line is below the neutral zone while the RSI of 33 shows that Bitcoin is currently oversold.

The technical indicators show that Bitcoin could face further selling pressure in the coming hours and days. Bitcoin is trading well below its 100-day simple moving average of $ 62,144 as bearish sentiment continues to mount.

What you can expect

The cryptocurrency market is currently very bearish and the prices of Bitcoin and other cryptocurrencies could continue to decline in the coming days. If current momentum is maintained, Bitcoin could be forced to defend the first major support at $ 56,082.

However, if the bears remain in control for the hours and days ahead, Bitcoin risks falling below the $ 55,000 level for the first time since October 11th. Unless the bearish mood worsens, Bitcoin should be able to defend the psychological level of USD 53,000 in the coming days.

On the other hand, the bulls could regain control of the market and push BTC towards the first resistance point at $ 60,378. In the event of a longer rally, BTC would potentially move higher and target the resistance level of USD 62,000 for the next few hours.

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