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.
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