Bitcoin price spiked above the $56,000 resistance against the US Dollar, but it failed to continue higher.
Bitcoin remained stable above the $53,000 support zone and it extended its upward move.
A high is formed near $56,490 and the price is now correcting lower.
Bitcoin almost tested the 23.6% Fib retracement level of the recent upward wave from the $47,010 swing low to $56,490 high.
If the pair breaks the trend line support, it could extend its decline towards the $53,000 support.
Any more losses might call for a test of the $51,500 support.
If bitcoin remains stable above the 100 hourly SMA and the $53,000 support, it could start a fresh increase.
The next major resistance is near the $56,000 level.
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