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.
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