From the $62,000 zone of resistance, Bitcoin’s price began a new decline. BTC remains in decline, and there is a possibility of additional losses beneath the $60,000.
- Bitcoin began a new decline, after its price fell below $62,000.
- This price has fallen below $61,000, and is now trading under the 100-hour Simple Moving average.
- On the hourly chart for the BTC/USD, there was a breakdown below the bearish flag with support at $60.950 (data from Kraken).
- If the pair closes below $60,000, it could start to move in a bearish direction.
Bitcoin Price Signals Breakdown
Price of bitcoin found support around $60,250 and began to move upwards. recovery wave. BTC managed to rise above the Fib retracement levels of 23.6% and 60,250 respectively.
They were also active in the resistance area of $61,800. The bears defended the Fib 50% retracement of the decline from the swing high at $63,217 to the low at $60,250. Below the $61,200 resistance zone, there was another bearish move.
The hourly chart for the BTC/USD pairs showed a breakdown below the bearish flag with support at $60,950. Bitcoin is trading now below $61,000, and the USD/BTC pair has also fallen. 100 hourly Simple moving average.
The immediate resistance level is around $61,200. First major resistance may be at $62,000, or 100 hourly simple moving average. The next Key resistance may be at $62,500. The price could move higher if it clears the resistance of $62,500.
Source: BTCUSD on TradingView.com
The key resistance is now $63,500. The price may continue to rise if the resistance level of $63,500 is closed above. The price may rise to $65,000 in the case stated.
BTC: More downsides?
Bitcoin may continue its downward trend if it cannot break the $61,200 barrier. The immediate support for the downside lies near the $61,500 level.
60,000. This is the first important support. Price could drop to $58,500 if the close is below $60,000. In the short term, any further losses could send the price towards the $56,650 zone of support.
The following are 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 – $60,500, followed by $60,000.
Major Resistance Levels – $61,200, $62,200, and $62,500.
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Source: www.newsbtc.com