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Home»EXCHANGE NEWS»Bitcoin price is still at risk of falling below $60,000.
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Bitcoin price is still at risk of falling below $60,000.

By Crypto FlexsApril 19, 20243 Mins Read
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Bitcoin price is still at risk of falling below ,000.
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Bitcoin price is showing bearish signs below the $63,000 resistance zone. BTC needs to stay above the $60,000 support zone to avoid a major decline.

  • Bitcoin is still struggling to begin a recovery above the $63,000 resistance zone.
  • The price is trading below $62,800 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the connecting bullish trendline with support at $62,400.
  • A break below the $60,000 support could pick up bearish momentum.

Bitcoin price struggle continues

Bitcoin price began another rise above the $61,500 resistance zone. BTC cleared the $62,500 and $63,000 resistance levels. It even surged above $64,000 but failed to breach the key level of $65,000.

A high was established at $64,142 before a sharp decline. On the hourly chart of the BTC/USD pair, a break occurred below the connecting bullish trendline with support at $62,400. It fell below the $60,800 level and retested $59,650.

A low was made around $59,666 and the price is currently attempting a new recovery. The price recently broke above the 23.6% Fib retracement level of the decline from the $64,142 swing high to the $59,666 low.

Bitcoin price is trading below $62,800 and the 100-hour simple moving average. Immediate resistance is near the $62,000 level. It is close to 50% of the Fib retracement level following the recent decline from the $64,142 swing high to the $59,666 low.

The first major resistance could be at $63,000. The next resistance level is currently at $64,200. If there is a clear move above the $64,200 resistance zone, the price may continue to rise. If specified, the price could go as high as $65,000.

Source: TradingView.com BTCUSD

The next major resistance is near $66,500. If more gains occur, Bitcoin may head towards the $67,500 resistance zone in the near term.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $62,000 resistance zone, another decline could begin. Immediate support for the downside is near the $60,800 level.

The first major grant is $60,000. If there is a close below $60,000, the price could start to fall towards the $59,550 level. More losses could lead the price towards the $58,500 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 – $60,800, then $60,000.

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

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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