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Bitcoin price started a new decline below the $63,500 level. BTC is now consolidating above $60,000 and may face several hurdles to the upside.
- Bitcoin fell more than 5% from the $65,000 resistance area.
- The price is trading below the $63,500 level and the 100 hourly simple moving average.
- There is a solid downtrend line with resistance at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it remains above the $60,500 support area.
Bitcoin price hits
Bitcoin price started a new decline from the $65,000 resistance level. BTC broke the $64,000 and $63,500 support levels to move into a short-term bearish zone.
The price even dropped below $61,500. The low was formed at $60,281 and the price is now consolidating losses. The price is now trading near the 23.6% Fibonacci retracement level of the downward move from the high of $66,055 to the low of $60,281.
Bitcoin is now trading below the $62,500 level and the 100 hourly simple moving average. If there is a new increase, the price may face resistance near the $61,650 level. The first major resistance is near the $62,500 level. There is also a connecting downtrend line with resistance at $62,800 on the hourly chart of the BTC/USD pair.
A clear move above the $62,800 resistance level could send the price higher. The next major resistance could be $63,200. It is close to the 50% Fib retracement level of the downward move from the high of $66,055 to the low of $60,281.
A close above the $63,200 resistance could spark further upside. 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 $62,800 resistance area, it may continue to move lower. Immediate support on the downside is near the $61,000 level.
The first major support is near the $60,500 level. The next support is now near the $60,000 area. Any further losses could send the price towards the $58,500 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 – $60,500, followed by $60,000.
Key resistance levels – $61,650 and $62,800.
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