Bitcoin
Bitcoin Bears Keep Pressing, Why Could BTC Drop Below $60K?
Bitcoin price extended losses and traded below the $62,500 zone. BTC is showing bearish signs and could turn bearish if it falls below $60,000.
- Bitcoin followed a bearish path and traded below $62,500.
- The price is trading below $63,000 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $62,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may extend losses and revisit the $60,000 support zone in the near term.
Bitcoin Price Extends Decline
Bitcoin price struggled to stay above the $63,500 zone and prolonged losses. There was a move below the $63,000 and $62,500 levels. The bears even pushed below $61,200.
A low was formed at $60,888 and the price is now consolidating losses. If there is a recovery wave, the price may struggle to overcome the $62,000 resistance or the 23.6% Fibonacci retracement level of the recent decline from the $65,500 high to $60,888 low.
There is also a bearish trend line forming with resistance at $62,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $63,000 and the 100 hour simple moving average.
Immediate resistance is near the $61,800 level. The first major resistance could be at $62,000. The next key resistance could be $63,200 and the 100 hourly simple moving average. It is near the 50% Fibonacci retracement level of the recent decline from the $65,500 swing high to $60,888 low.
Source: BTCUSD on TradingView.com
The main obstacle is now at $63,800. A clear move above the $63,800 resistance could push the price higher. The next resistance now lies at $64,450. If there is a close above the $64,450 resistance zone, the price could continue rising. In the stated case, the price could rise to $65,500.
More downsides to BTC?
If Bitcoin fails to rise above the $62,000 resistance zone, it could continue to fall. Immediate downside support is near the $60,850 level.
The first major support is $60,000. If there is a close below $60,000, the price could start falling towards $58,000. Further losses could send the price towards the $56,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $60,850, followed by $60,000.
Main resistance levels – $62,000, $63,200 and $64,450.