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Bitcoin price extended its losses and was trading below the $60,000 area. BTC is now attempting a rally and is facing hurdles near $60,800.
- Bitcoin is struggling to start a new surge above the $61,200 area.
- The price is trading below the $61,000 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance at $60,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may have difficulty recovering if it remains below the $62,000 resistance area.
Bitcoin price is falling again
Bitcoin price failed to start a new increase above $62,000 and started a new decline. BTC was trading below the $61,500 and $60,500 levels. It even broke the $60,000 support.
The low was formed at $58,888 and the price is now consolidating losses. There was a slight increase above the $60,000 level. The price managed to rise above the 23.6% Fibonacci retracement level of the downward move from the high of $64,420 to the low of $58,888.
Bitcoin price is now trading below $61,000 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $60,800 level. There is also a major bearish trend line forming with resistance at $60,800 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $61,650 level or the 50% Fib retracement level of the downward move from the $64,420 swing high to the $58,888 low. A clear move above the $61,650 resistance level could send the price higher. The next major resistance could be $62,000.
A close above the $62,000 resistance could lead to further gains. In the mentioned case, the price may rise and test the resistance level of $63,200. Any further gains may push the price towards the $64,000 resistance level.
More negatives in BTC?
If Bitcoin fails to rise above the $60,800 resistance area, it could start another decline. Immediate support on the downside is near the $59,600 level.
The first major support is near the $58,850 level. The next support is now near the $58,500 area. Any further losses could send the price towards the $57,200 support level in the near term.
Technical indicators:
Hourly MACD – The MACD indicator is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $59,600, followed by $58,850.
Major resistance levels – $60,800 and $61,650.