Bitcoin failed to begin a new increase over the $62,850 zone of resistance. BTC fell another 5% and tested $58,000.
- Bitcoin began a new decline, trading below $60,000.
- Price is below the Simple Moving Average of 100 hours and $61,500.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with resistance around $60,000. (Data feed by Kraken)
- It may be difficult for the pair to begin a new increase over $60,850.
Bitcoin price drops 5%
The Bitcoin price has struggled for a while to begin a good recovery above the $62,850 resistance level. BTC fell below the support level of $61,200 as BTC’s bears gained control. The price fell sharply below $60,000
Prices dropped by 5%. They even spiked down below $58,000. The price has now reached a low of $57,890. The price has increased slightly above the $58,500 mark and is approaching the Fib 23.6% retracement of the decline from the swing high at $63,798 to the low at $57,890.
Bitcoin’s price has fallen below the $61,500 mark. 100 hourly Simple moving average. On the hourly BTC/USD chart, there is also an overlapping bearish trendline with resistance of $60,000
The price may face some resistance if there’s a significant increase. This could be near the $60,850 level or the trendline. The $60,850 area is the first major resistance. It also represents the 50% Fib level for the move downward from the swing-high of $63,798 to the low of $57.890.
You can also find out more about the following: next Key resistance might be $61,500. Price could rise if the resistance is broken. The price may rise in the case stated and reach the resistance of $62,250. BTC could reach the $63,500 barrier in the short term if it gains more.
BTC Losses Increased?
Bitcoin could fall further if it fails to break through the resistance level of $60,000. Near the $58,250 support level, there is immediate support for the downside.
First, you will receive $58,000. The first major support amount is $58,000. next The support zone is near $57,800. In the short term, any further losses could send the price towards the $56,500 zone of support.
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 – $58,250, followed by $58,000.
Major Resistance Levels – $59,250, and $60,000.
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Source: www.newsbtc.com