Bitcoin price extended its decline and tested the $55,500 support against the US Dollar.
Bitcoin struggled to restart its upward move above the $58,000 zone, resulting in a bearish move.
There was also a break below a key contracting triangle with support near $57,450 on the hourly chart of the BTC/USD pair.
It is now trading above $56,000, and testing the 23.6% Fib retracement level of the recent drop from the $59,475 swing high to $55,492 low.
The 50% Fib retracement level of the recent drop from the $59,475 swing high to $55,492 low is also near the $57,500 level to act as a massive hurdle.
If bitcoin fails to climb above $57,000 and $57,500, there could be more downsides.
The next target for the bears might be $53,200 or even $52,500 in the near term.
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