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Bitcoin price is consolidating above the $60,000 support. BTC could target a fresh increase unless it closes below the $60,000 support.
- Bitcoin is consolidating above the $60,000 support area.
- 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 with resistance at $61,550.
- If it stays above the $60,000 support, the pair could initiate another hike.
Bitcoin price consolidation begins
Bitcoin price extended its decline at $62,350 resistance. BTC broke the $62,000 and $61,500 support levels and moved into near-term bearish territory. The price also dropped below $60,500.
A low was formed at $60,000 and the price is currently consolidating losses. It increased slightly above the $60,500 level. The price broke above the 23.6% Fib retracement level for a downward move from the $62,350 swing high to the $60,000 low.
Bitcoin is currently trading below $61,500 and the 100-hour simple moving average. In case of a fresh price hike, the price may face resistance near the $61,250 level. The first major resistance is near the $61,500 level. The hourly chart of the BTC/USD pair also has a major bearish trendline with resistance at $61,550.
The trend line is close to the 61.8% Fib retracement level moving down from the $62,350 swing high to the $60,000 low. A clear break above the $61,500 resistance could push the price higher. The next major resistance could be $62,500.
A break above the $62,500 resistance could trigger further upside. If indicated, the price could move higher and test the resistance level of $63,200. Any more profits could push the price down towards the $65,000 resistance level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $61,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $60,500 level.
The first major support is near the $60,000 level. The next support is now near the $59,200 area. Any more losses could lead the price towards the $58,500 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing 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 – $61,500 and $62,500.