Bitcoin price failed to continue higher towards $60,000 against the US Dollar.
BTC tested the $59,000 zone, but it failed to continue higher.
There was a break below a major bullish trend line with support near $57,300 on the hourly chart of the BTC/USD pair.
There was a break above the 23.6% Fib retracement level of the recent decline from the $59,028 high to $54,665 low.
On the upside, an initial resistance is near the $56,800 level and the 100 hourly simple moving average.
The main resistance is now forming near the $57,000 zone.
If bitcoin fails to clear the $56,800 resistance, it could correct lower once again.
The first key support is near the $54,500 level and the recent low.
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