The leading cryptocurrency has struggled to hit the 60s in the past few days.
Bitcoin price continues its struggle after falling below the $ 58,000 mark today. The bears appear to be controlling the market and could push the BTC / USD price lower in the coming hours. The pair has seen strong selling pressure in the past 24 hours, with its price falling 5% after hitting a daily high of $ 59,000 yesterday.
The bulls will have to take advantage of the altcoins rally if they want to push Bitcoin’s price above $ 60,000 for the first time in five days. XRP remains the top performing of the leading cryptocurrencies, up 17% over the past 24 hours. The XRP / USD pair hit the $ 1 mark for the first time in three years.
Binance Coin (BNB), Litecoin (LTC) and Chainlink (LINK) are some of the other top winners on the market.
Bitcoin price outlook
Bitcoin is on a bearish trend, as evidenced by its 4-hour chart. The BTC / USD 4-hour chart shows that the leading cryptocurrency is struggling to gain momentum and could see additional losses in the next few hours if the bulls don’t take control.
If the current trend continues, the BTC / USD pair could drop to the 100-day point of the Simple Moving Average ($ 56,779.06). Bitcoin has found strong support at the $ 56,000 level and bears have struggled to push the price below that level in the past few days. However, if the price drops below the next psychological support at $ 56,979, the bears could bring it below $ 55,000.
BTC / USD 4-hour chart. Source: Coinalyze
However, should the trend reverse, Bitcoin could cross the next barrier at $ 58,339.49, allowing it to hit the $ 60,000 resistance again. The MACD shows that BTC is clearly in a bearish situation, but not too deeply below the margin. The RSI for Bitcoin (41.52) indicates that the market is neutral, leaving either the bull or the bear open to control.