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Home»EXCHANGE NEWS»Bitcoin price has stabilized below $60,000. Is this a significant bearish signal?
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Bitcoin price has stabilized below $60,000. Is this a significant bearish signal?

By Crypto FlexsMay 2, 20243 Mins Read
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Bitcoin price has stabilized below ,000.  Is this a significant bearish signal?
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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.

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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