Bitcoin price extended losses and stabilized below $60,000. BTC is currently consolidating losses near $58,000 and risks further downside in the near term.
- Bitcoin extended its losses and traded below $60,000.
- The price is trading below $59,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bearish trendline forming at resistance $58,000.
- The pair may continue to decline as there is a daily close below the $60,000 area.
Bitcoin price took a hit.
Bitcoin price remained in bearish territory, trading below the $60,500 support level. BTC also settled below the $60,000 level to enter bearish territory in the near term.
It fell below the $58,000 level. The low was formed at $56,378 and the price is currently consolidating losses. There was a slight increase towards the $58,000 level and the 23.6% Fib retracement level with a downward move from the $64,740 swing high to the $56,378 low.
Bitcoin is currently trading below $58,500 and the 100-hour simple moving average. Immediate resistance is near the $58,000 level. Additionally, on the hourly chart of the BTC/USD pair, there is a major bearish trendline with resistance forming at $58,000.
The first major resistance could be at $59,200. The next major resistance could be the 50% Fib retracement level at $60,500 or a downside move from the $64,740 swing high to the $56,378 low.
Source: TradingView.com BTCUSD
A clear break above the $60,500 resistance could push the price higher. The next resistance level is now at $61,500. If there is a clear move above the $61,500 resistance zone, the price may continue to rise. If specified, the price could go as high as $63,500.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $58,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $57,000 level.
The first major support is $56,500. If the closing price is below $56,500, the price may start to fall towards $55,000. More losses could lead the price towards the $53,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $57,000, then $56,500.
Key resistance levels – $58,500, $60,500 and $61,500.
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