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Home»EXCHANGE NEWS»Market decline due to sharp decline
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Market decline due to sharp decline

By Crypto FlexsJune 25, 20242 Mins Read
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Market decline due to sharp decline
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Bitcoin price gained bearish momentum and traded below $60,000. BTC is signaling a near-term downtrend and could face a hurdle near $62,000.

  • Bitcoin began a new decline near the $62,550 resistance level.
  • The price is trading below $61,500 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bearish trendline forming at resistance $62,400.
  • The pair may correct higher, but the upside may be limited above the $62,000 resistance zone.

Bitcoin price plummets

Bitcoin price failed to recover above the $63,500 level. BTC struggled above $63,000 and began another downtrend. There was a significant decline below the $62,000 and $61,500 levels.

The price also fell below the $60,000 mark. The low was formed at $58,448 and the price is currently correcting losses. It increased slightly above the $59,800 level. The price broke above the 23.6% Fib retracement level of the downward move from the $64,460 swing high to the $58,448 low.

Bitcoin price is currently trading below $61,500 and the 100-hour simple moving average. If a recovery emerges, the price may face resistance near $61,500.

The first major resistance could be the 50% Fib retracement level of $62,150 or a downward move from the $64,460 swing high to the $58,448 low. The next major resistance could be $62,500. The hourly chart of the BTC/USD pair also has a major bearish trendline forming resistance at $62,400.

Source: TradingView.com BTCUSD

A clear break above the $62,500 resistance could mark the beginning of a steady rise and push the price higher. If indicated, the price could move higher to test the $63,500 resistance. Further gains could push BTC towards the $65,000 resistance in the near term.

Another drop in BTC?

If Bitcoin fails to rise above the $62,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $61,200 level.

The first major grant is $60,000. The next support is currently forming near $58,500. More losses could push the price towards the $57,000 support area in the near term.

Technical indicators:

Hourly MACD – MACD is currently gaining speed in a bear market.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.

Key support levels – $61,200, $60,000.

Key resistance levels – $62,150 and $62,500.

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