Bitcoin price took a hit and even surged below $60,000. A daily close below the $60,000 support zone could give BTC some bearish momentum.
- Bitcoin began another downtrend and was trading below the $61,200 range.
- The price is trading below $62,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a connecting bearish trendline forming at resistance $60,400.
- The pair could fall further if it fails to recover above $60,400 and above $62,000 this week.
Bitcoin price has reached support level
Bitcoin price began another decline below the $62,500 support level. As the bears took control, BTC fell below the $61,200 level. They even managed to get the price down to under $60,000.
The low was formed at $59,110 and the price is currently consolidating losses. There was a slight increase above the $60,000 level and the 23.6% Fib retracement level following the recent decline from the $64,738 swing high to the $59,110 low.
Bitcoin is currently trading below $61,500 and the 100-hour simple moving average. Immediate resistance is near the $60,400 level. On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance at $60,400.
The first major resistance could be $61,200. The next major resistance could be $62,000 or the 50% Fib retracement level of the recent decline from the $64,738 swing high to the $59,110 low.
Source: TradingView.com BTCUSD
A clear break above the $62,000 resistance could push the price higher. The next resistance is now at $62,500. If there is a clear move above the $62,500 resistance zone, the price may continue to rise. If specified, the price could go as high as $64,000.
Are there more downsides to BTC?
If Bitcoin fails to rise above the $60,400 resistance zone, it may continue to fall. Immediate support for the downside is near the $59,500 level.
The first major support is at $59,100. If the closing price falls below $59,100, the price could start to fall towards $58,000. More losses could lead the price towards the $56,400 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 – $59,500, then $59,100.
Key resistance levels – $60,400, $61,200 and $62,000.
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