Bitcoin price failed to recover above the $62,500 resistance area. BTC is showing bearish signs and may fall back below the $60,000 support level.
- Bitcoin struggled to recover above the $62,200 and $62,500 levels.
- The price is trading below the $62,000 level and the 100 hourly simple moving average.
- A major downtrend line is forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair may start another decline unless it closes above the $62,000 resistance area.
Bitcoin price is still at risk
Bitcoin price started a recovery wave above the $61,200 area. BTC even tried to move above the $62,000 resistance area. However, the bears were active near the $62,500 area.
The high was formed at $62,454 and the price is now moving lower. There was a move below the $61,500 level. The price fell below the 23.6% Fibonacci retracement level of the upward move from the swing low at $58,448 to the swing high at $62,454.
Bitcoin price is trading below $62,000 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair.
The price is now stable above the 50% Fib retracement level of the upward move from the swing low at $58,448 to the swing high at $62,454. If there is another increase, the price may face resistance near the $61,500 level. The first major resistance is near the $61,850 level and the trend line.
The next major resistance could be $62,000. A clear move above the $62,000 resistance could lead to a steady increase and push the price higher. In the mentioned case, the price may rise and test the $62,500 resistance level. Any further gains could send BTC towards the $63,500 resistance level in the near term.
More losses in BTC?
If Bitcoin fails to rise above the $62,000 resistance area, it could start another decline. Immediate support on the downside is near the $60,450 level.
The first major support is $60,000. The next support is now forming near $59,500. Any further losses could send the price towards the $58,500 support area in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $60,500, followed by $60,000.
Key resistance levels – $62,000 and $62,500.
