What’s the next Move after Bitcoin testing support at $55000?

Bitcoin testing support is a part of correction we mentioned on November 15, 2021, when Bitcoin was trading above $64,000.

The Bitcoin price today is $57,968.86 USD with a 24-hour trading volume of $43,338,698,956 USD. Bitcoin is down 1.86% in the last 24 hours, with a live market cap of $1,094,317,611,021 USD. It has a circulating supply of 18,877,681 BTC coins.

Bitcoin testing support
Source: TradingView

Bitcoin testing support: Analysis

The local support zone of $60,000-$58,000 could not hold the price and it plunged to $55,000, looks like the bears are winning. The support level we have below is the high of September 06, 2021. However, the support is pretty weak and price might stop at the rising trend line near $53,000. Bitcoin on has turned bearish on 4-hour chart as it trades below the EMA 20, 50, 100, and 200.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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