Bitcoin continued to fall and closed below $62,500. BTC has been showing signs of bearishness and may turn to bearish if its price falls below $60,000.
- Bitcoin traded at a price below $62,500.
- It is currently trading at a price below $63,000, and it’s moving lower than the 100-hour Simple Moving average.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with resistance around $62,000. (Data feed by Kraken).
- In the short term, the pair may extend its losses and return to the support zone of $60,000.
Bitcoin Price Continues to Decline
Bitcoin struggled to remain above the $63,500 area. extended losses. The market moved below $63,000 and 62,500. Even below $61,200, the bears pushed this down.
The price has now reached a low of $60,888. It is consolidating its losses. Price may struggle to break through the resistance at $62,000 or the Fib 23.6% retracement of recent drop from $65,500 swing low to $60,888.
A bearish line is forming on the BTC/USD hourly chart with resistance of $62,000. Bitcoin is trading now below $63,000, and the 100 hourly Simple moving average.
The immediate resistance level is around $61,800. First major resistance may be at $62,000. The first major resistance could be $62,000. next Key resistance is $63,200, and 100-hourly simple moving average. The recent fall from $65,500 swing low to $60,888 is at the 50 percent Fib retracement.
Source: BTCUSD on TradingView.com
The price is currently at $63,800. Price could rise if the resistance at $63,800 is broken. A clear move above the $63,800 resistance might send the price higher. next The resistance is now $64,450. Price could move higher if there’s a close over the $64,450 zone of resistance. If the case is stated, then the price may rise to $65,500.
BTC: More downsides?
Bitcoin may continue its downward trend if it cannot break the $62,000 barrier. Support on the downside near $60,850 is immediate.
First, the price of $60,000. The price may start dropping towards $58,000, if there’s a close under $60,000. In the short term, any further losses could send the price towards the $56,500 zone of support.
Indicators of 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.
Major Support Levels – $60,850, followed by $60,000.
Major Resistance Levels – $62,000, $63,200, and $64,450.
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