Bitcoin price began a new downward trend below the $62,500 level. BTC is showing signs of weakness and could continue falling if it falls below $61,200.
- Bitcoin failed to stay above $63,200 and losses widened.
- The price is trading below $62,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair shows a bearish trendline forming with resistance near $62,400 (data feed from Kraken).
- If it holds below the $62,500 and $63,500 levels, the pair could extend its losses.
Bitcoin price falls towards support
Bitcoin price failed to stay above the $63,500 support area. BTC remained in bearish territory and losses extended below the $63,200 level. There was a move below the $62,500 level.
The price fell below $61,200. The low was formed at $60,746 and the price is still showing many bearish signs. There was a slight increase above the 23.6% Fib retracement level of the downward move from the $64,613 swing high to the $60,746 low.
Bitcoin is currently trading below $62,500 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a bearish trend line forming with resistance near $62,400.
If the price remains stable above $60,750, a new increase could be attempted. Immediate resistance is near the $62,500 level and trend line. The first major resistance is near the $63,200 level or the 61.8% Fib retracement level for a downside move from the $64,613 swing high to the $60,746 low.
A break above the $63,200 resistance could push the price higher. If indicated, the price could move higher to test the $63,500 resistance. More profits could push the price higher to the $64,500 level. The next barrier on the upside could be $65,000.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $63,200 resistance zone, another decline could begin. Immediate support is near the $61,650 level.
The first major support is near the $61,200 level. The next support is now near the $60,750 area. Any more losses could lead the price towards the $60,200 support in the near term. Key support is currently at $60,000, below which BTC may find it difficult to recover in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $61,650, then $61,200.
Key resistance levels – $62,500 and $63,500.