Bitcoin price started a sharp decline after it broke the $60,000 support zone against the US Dollar.
This past week, bitcoin price saw a decent increase above the $62,000 resistance against the US Dollar.
However, there was a substantial downside correction from well above $62,000 in the past few sessions.
The bears were able to push the price below the $55,000 support zone and the 100 simple moving average .
Bitcoin cleared the 23.6% Fib retracement level of the recent decline from the $62,692 high to $51,132 low.
It is near the 50% Fib retracement level of the recent decline from the $62,692 high to $51,132 low.
If bitcoin fails above the $56,000 level, there is a risk of more losses.
In the stated case, there are even chances of a drop towards the main $50,000 support zone in the near term.
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