Bitcoin price extended its losses and was trading below the $61,850 area. BTC now holds the $60,000 support, but is still at risk.
- Bitcoin is struggling to start a new surge above the $62,850 area.
- The price is trading below the $62,000 level and the 100 hourly simple moving average.
- There is a solid bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain downside momentum if there is a close below the $60,000 area.
Bitcoin price falls further
Bitcoin price failed to start a new increase above $63,000 and started a new decline. BTC was trading below the $62,500 and $61,500 levels. It even broke the support of $60,500.
A bottom was formed at $60,300 and the price is now consolidating losses. There was a slight increase above the $60,550 level. However, the price is still well below the 23.6% Fibonacci retracement level of the recent decline from the high of $64,420 to the low of $60,300.
Bitcoin price is now trading below $61,500 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $61,200 level. There is also a solid downtrend line forming with resistance at $61,250 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $62,350 level or the 50% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low. A clear move above the $62,350 resistance level could send the price higher. The next major resistance could be $63,200.
A close above the $63,200 resistance could lead to further gains. In the mentioned case, the price may rise and test the $64,000 resistance level. Any further gains may push the price towards the $65,000 resistance level.
More losses in BTC?
If Bitcoin fails to rise above the $61,250 resistance area, it could start another decline. Immediate support on the downside is near the $60,300 level.
The first major support is near the $60,000 level. The next support now lies near the $59,500 area. Any further losses could send the price towards the $58,400 support level 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 – $60,300, followed by $60,000.
Key resistance levels – $61,250 and $62,350.
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