Bitcoin’s price dropped and even fell below $60,000. BTC’s bearish movement could increase if the daily close is below $60,000.
- Bitcoin began a new decline, trading under the $61,200 area.
- Price is below the Simple Moving Average of 100 hours and $62,000.
- On the hourly BTC/USD chart, there is a bearish line connecting with resistance of $60400 (data from Kraken).
- This pair’s price could fall if they fail to rise above $60,400 then 62,000 in the coming week.
Bitcoin Price Reaches Support
The Bitcoin price has started to decline again. $62,500 support level. BTC went below the $61,200 mark as the bears began to take control. The bears managed to drive the price down below $60,000.
At $59110, a new low has been formed and now the price consolidates its losses. The price increased slightly above the $60,000 mark and 23.6% Fib Retracement Level of recent declines from the swing-high $64,738 low to $59110.
Bitcoin has fallen below the $61,500 mark. 100 hourly Simple moving average. The immediate resistance level is $60,400. A bearish line is also developing with resistance near $60,400. This can be seen on the hourly BTC/USD charts.
It is possible that the first significant resistance would be around $61,200. The first major resistance could be $61,200. next The key resistance level could be 62,000, or 50% of the Fib retracement levels from the recent drop between the swing high at $64,738 and the low at $59110.
Source: BTCUSD on TradingView.com
Price could rise if the market price moves above $62,000. A clear move above the $62,000 resistance might send the price higher. next The resistance is now at $62,500. Price could move higher if the zone of resistance at $62,500 is clearly broken. The price may rise to $64,000 in the case stated.
BTC: More downsides?
Bitcoin could fall further if it fails to break through the resistance level of $60,400. Support on the downside near $59,500 is immediate.
The $59,100 mark is the first significant support. Price could drop towards $58,000 if there’s a close under $59,100. In the short term, any further losses could send the price towards the $56,400 zone of support.
The following are 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 – $59,500, followed by $59,100.
Major Resistance Levels – $60,400, $61,200, and $62,000.
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