Bitcoin was unable to stay above $62,000 and prolong its decline. The price is currently trading below $62,000 and the 100 hourly simple moving average.
There is a crucial bearish trend line forming with resistance near $62,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend decline below the $60,500 and $60,000 support levels.
Bitcoin Price Remains At Risk
Bitcoin price managed to break above the $64,000 resistance level. However, BTC failed to gain strength and started a new drop. The bears have gained strength and were able to push the price below the $62,500 support zone.
The price is even below the $62,000 level and the 100 hourly simple moving average. A low is formed near $59,824 and the price is now struggling to stay in a positive zone. It is testing the 23.6% Fib retracement level of the recent decline from the $63,700 swing high to $59,824 low.
It is currently facing resistance near the $60,800 and $61,000 levels. The first major resistance is near the $61,750 level and the 100 hourly SMA. The 50% Fib retracement level of the recent decline from the $63,700 swing high to $59,824 low is also near $61,800.
The main breakout resistance is now forming near the $62,000 level. There is also a crucial bearish trend line forming with resistance near $62,300 on the hourly chart of the BTC/USD pair. A clear break above the trend line resistance and then $62,500 may possibly call open the doors for a move towards the $63,200 level. The next major resistance sits near the $64,000 level.
The main breakout resistance is currently forming near the $62,000 level. There is also an important bearish trend line forming with resistance near $62,300 on the hourly chart of the BTC/USD pair. A clear break above the trend line resistance and then $62,500 could open the door for a move towards the $63,200 level. The next major resistance lies near the $64,000 level.
More Losses In BTC?
If bitcoin fails to clear the $62,000 resistance zone, it could continue to decline. An immediate support on the downside is near the $60,000 level.
The first major support is now forming near the $59,500 level. A break below the $59,500 support may possibly push the price towards the $58,000 support zone in the near term.
Technical indicators:
- Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
- Major Support Levels – $60,000, followed by $59,500.
- Major Resistance Levels – $61,200, $62,000 and $62,300.