The price of Bitcoin took a hit, soaring to below $60,000. BTC could gain bearish momentum if the daily closing price falls below the $60,000 support zone.
- Bitcoin began to decline again, trading below the $61,200 zone.
- The price is trading below $62,000 and the 100 hourly simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a connecting bearish trendline forming resistance at $60,400.
- It broke above $60,400 this week and could accelerate its decline if it fails to recover above $62,000.
Bitcoin price reaches support
Bitcoin price fell below the $62,500 support level and started falling again. Bitcoin fell below the $61,200 level as the bears took control. They also managed to bring the price down to under $60,000.
A low was formed at $59,110 and the price is currently consolidating losses. There was a slight rally above the $60,000 level and the 23.6% Fib retracement level of the recent decline from the swing high of $64,738 to the low of $59,110.
Bitcoin is currently trading below $61,500 and its 100-hourly simple moving average. Immediate resistance is near the $60,400 level. There is also a connecting bearish trend line forming resistance at $60,400 on the hourly chart of the BTC/USD pair.
The first major resistance level could be at $61,200. The next major resistance level could be $62,000, or the 50% Fib retracement level of the recent decline from the swing high of $64,738 to the low of $59,110.
Source: BTCUSD on TradingView.com
A clear break above the $62,000 resistance could push the price higher. The next resistance level is currently located at $62,500. If there is a clear move above the $62,500 resistance zone, the price could continue higher. In the case above, the price could rise towards his $64,000.
What are the further drawbacks of BTC?
If Bitcoin fails to rise above the $60,400 resistance zone, the decline could continue. Immediate support on the downside is near the $59,500 level.
The first major support is at $59,100. If the closing price falls below $59,100, the price may start to fall towards $58,000. Any further losses could send the price towards the $56,400 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.
Major support level – $59,500 followed by $59,100.
Key resistance levels – $60,400, $61,200, $62,000.
