Bitcoin price has started a new downtrend from the $60,000 resistance zone. BTC is currently declining and could test the $57,650 support zone.
- Bitcoin has started to decline again from the resistance level of $60,000.
- The price is trading below $58,800 and the 100 hourly simple moving average.
- According to data provided by Kraken, a major bullish trend line has broken below the support level of $59,700 on the hourly chart of BTC/USD.
- The pair is likely to attempt a fresh uptrend if it stays above the $57,650 area.
Bitcoin price falls again
Bitcoin price struggled to settle above the $60,000 resistance zone. BTC peaked near the $60,200 level before the price began a new decline. It moved below the $58,500 support zone.
The price has broken below the 23.6% Fib rectification level of the upward move from the $56,117 swing low to the $60,210 high. Moreover, it has broken below the major bullish trend line with support at $59,700 on the hourly chart of the BTC/USD pair.
The pair retested the $58,000 support zone. Bitcoin price is currently trading below $59,000 and the 100-hourly simple moving average. However, the price is still above the 50% Fibonacci correction level of the upward move from the $56,117 swing low to the $60,210 high.
In the uptrend, the price may face resistance near the $58,800 level. The first major resistance is near the $59,500 level. If the $59,500 resistance is clearly surpassed, the price may move higher in the coming session. The next major resistance could be $60,000.
A close above the $60,000 resistance level could lead to further upside. In that case, the price could rise and test the $61,500 resistance level.
Could More Losses Come From Bitcoin?
If Bitcoin fails to break above the $58,800 resistance zone, it could continue to decline. Immediate support for the downtrend lies near the $58,000 level.
The first major support is at $57,650. The next support is now near the $57,000 area. If there is further loss, the price can move to the $55,500 support area, or in the short term, to $55,000.
Technical indicators:
Hourly MACD – MACD is currently gaining momentum in a downtrend.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Key support levels – $58,000, then $57,650.
Key resistance levels – $58,800 and $59,500.