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Home»EXCHANGE NEWS»Bitcoin Bears Continue to Rise, Why Might BTC Bearish Below $60,000?
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Bitcoin Bears Continue to Rise, Why Might BTC Bearish Below $60,000?

By Crypto FlexsMay 9, 20243 Mins Read
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Bitcoin Bears Continue to Rise, Why Might BTC Bearish Below ,000?
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Bitcoin price extended losses and traded below the $62,500 area. BTC is showing bearish signs and could turn bearish if it falls below $60,000.

  • Bitcoin followed a bearish path and traded below $62,500.
  • The price is trading below $63,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) has a bearish trend line attached, forming at resistance $62,000.
  • The pair may extend losses and revisit the $60,000 support zone in the near term.

Bitcoin price decline continues

Bitcoin price struggled to stay above $63,500 and losses widened. It moved below the $63,000 and $62,500 levels. The decline even pushed it below $61,200.

The low was formed at $60,888 and the price is currently consolidating losses. If there is a recovery wave, the price may struggle to clear the $62,000 resistance or the 23.6% Fib retracement level of the recent decline from the $65,500 swing high to the $60,888 low.

On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance at $62,000. Bitcoin is currently trading below $63,000 and the 100-hour simple moving average.

Immediate resistance is near the $61,800 level. The first major resistance could be at $62,000. The next major resistance could be $63,200 and the 100-hourly simple moving average. It is close to 50% of the Fib retracement level of the recent decline from the $65,500 swing high to the $60,888 low.

Source: TradingView.com BTCUSD

The main hurdle right now is $63,800. A clear break above the $63,800 resistance could push the price higher. The next resistance level is currently at $64,450. If the price closes above the $64,450 resistance zone, the price could continue to rise. If specified, the price could go as high as $65,500.

Are there more downsides to BTC?

If Bitcoin fails to rise above the $62,000 resistance zone, it may continue to fall. Immediate support for the downside is near the $60,850 level.

The first major grant is $60,000. If it closes below $60,000, the price could start to fall towards $58,000. More losses could lead the price towards the $56,500 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 – $60,850, then $60,000.

Key resistance levels – $62,000, $63,200 and $64,450.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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