Bitcoin extended its losses and settled under $60,000. BTC has now consolidated its losses around $58,000, and is still at risk for further downsides.
- Bitcoin has extended losses, trading below the $60,000 area.
- It is currently trading at a price below $59,000, and it’s moving lower than the 100-hour Simple moving average.
- On the hourly BTC/USD chart, there is a large bearish trendline with resistance around $58,000 (data from Kraken).
- It is possible that the pair continues to decline, since it has closed below $60,000 on a daily basis.
Bitcoin Prices Take a Hit
The price of bitcoin remained at a bearish zone The price of Bitcoin traded under the support level $60,500. BTC settled even below $60,000 to enter a bearish short-term zone.
The price dropped below the level of $58,000. At $56,378 a new low has been formed and now the price consolidates its losses. A minor rise was seen towards the $58,000 and 23.6% Fib level of the decline from the swing high at $64,740 to the low at $56,378.
Bitcoin now trades below $58,500. 100 hourly Simple moving average. The immediate resistance level is around $58,000. A major trend line is forming on the hourly BTC/USD charts with resistance near $58,000.
The initial resistance may be $59,200. The first major resistance could be $59,200. next Key resistance is $60,500. This level represents the 50 percent Fib of the move down from the swing-high $64,740 low to the lower $56,378 price.
Source: BTCUSD on TradingView.com
Price could rise if the market moves above $60,500. Price could rise if the resistance level of $60,500 is broken. next The resistance is now at $61,500. Price could move higher if the zone of resistance at $61,500 is clearly broken. If the above scenario is true, then the price might rise towards $63,500.
BTC: More losses in the BTC market?
Bitcoin may continue its downward trend if it does not rise above $58,500. Near the $57,000 mark, there is immediate support for the downside.
First, $56,500 is a major support. Price could drop towards $55,000 if the close is below $56,500. If the price continues to drop, it could soon reach the support level of $53,500.
Indicators of 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.
Major Support Levels – $57,000, followed by $56,500.
Major Resistance Levels – $58,500, $60,500, and $61,500.
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