Bitcoin price began a new decline at the $62,000 resistance zone. BTC is declining and risks further losses below the $60,000 level.
- Bitcoin began a new decline after failing near $62,000.
- The price is trading below $61,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break occurred below a bearish flag pattern with support around $60,950.
- A close below the $60,000 level could see the pair gain bearish momentum.
Bitcoin price signal analysis
Bitcoin price found support near $60,250 and began a recovery. BTC was able to recover above the 23.6% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low.
However, the bears remained active near the $61,800 resistance zone. They defended the 50% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low. A new bearish reaction occurred below the $61,200 support zone.
On the hourly chart of the BTC/USD pair, a break occurred below a bearish flag pattern with support around $60,950. Bitcoin is currently trading below $61,000 and the 100-hour simple moving average.
Immediate resistance is near the $61,200 level. The first major resistance could be $62,000 or the 100-hour simple moving average. The next major resistance could be $62,500. A clear break above the $62,500 resistance could push the price higher.
Source: TradingView.com BTCUSD
The main resistance level is currently at $63,500. If the price closes above the $63,500 resistance zone, the price may continue to rise. If specified, the price could go as high as $65,000.
Are there more downsides to BTC?
If Bitcoin fails to rise above the $61,200 resistance zone, it may continue to fall. Immediate support for the downside is near the $60,500 level.
The first major grant is $60,000. If it closes below $60,000, the price could start to fall towards $58,500. More losses may lead the price towards the $56,650 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 – $60,500, then $60,000.
Key resistance levels – $61,200, $62,200 and $62,500.