The Bitcoin price started to fall again and traded below $60,000. BTC is struggling and could continue falling towards the USD 56,500 support.
- Bitcoin gained bearish momentum below the USD 62,000 support level.
- The price is trading below $62,000 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could slide further towards the $56,500 level before the bulls emerge.
Bitcoin price is hit
Bitcoin price failed to recover and extended losses below the $62,500 level. The bears took over and pushed the price below the USD 61,200 level. The price even dipped below the $60,000 level.
A low was formed at $58,009 and the price is now consolidating losses. There was a small recovery wave above the USD 58,500 and USD 59,000 levels. The price traded close to the 23.6% Fib retracement level of the downward move from the $65,070 swing high to the $58,009 low.
Bitcoin is now trading below $61,500 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 59,800 level. The first major resistance is around the $60,000 level. A clear move above the USD 60,000 resistance could push the price further higher in the coming sessions.
The next major resistance could be at USD 61,500. There is also a major bearish trendline forming with resistance at $61,500 on the hourly chart of the BTC/USD pair. It is close to the 50% Fib retracement level of the downward move from the $65,070 swing high to the $58,009 low. A close above the $61,500 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 62,500 resistance.
More disadvantages of BTC?
If Bitcoin fails to rise above the $60,000 resistance zone, it may continue to fall. The immediate downside support is near the USD 58,500 level.
The first major support is $58,000. The next support is now near the $57,650 zone. Any further losses could send the price towards the USD 56,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 58,500, followed by USD 58,000.
Major resistance levels – $60,000 and $61,500.