Bitcoin price started a new decline below the $62,500 zone. BTC is showing bearish signs and could continue to decline if the price falls below $61,200.
- Bitcoin failed to stay above $63,200 and extended losses.
- The price is trading below $62,500 and the 100 hourly moving average.
- A bearish trendline is forming with resistance near $62,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it stays below the USD 62,500 and USD 63,500 levels.
Bitcoin price falls towards support
Bitcoin price failed to stay above the USD 63,500 support zone. BTC remained in a bearish zone and extended losses below the USD 63,200 level. There was a move below the USD 62,500 level.
The price even fell below $61,200. A low was formed at $60,746 and the price is still showing many bearish signs. There was a small increase above the 23.6% Fib retracement level on the downward move from the $64,613 swing high to the $60,746 low.
Bitcoin is now trading below $62,500 and the 100 hourly moving average. A bearish trendline is also forming with resistance around $62,400 on the hourly chart of the BTC/USD pair.
If the price remains stable above USD 60,750, a new increase can be attempted. Immediate resistance is near the $62,500 level and trendline. The first major resistance is near the $63,200 level or the 61.8% Fib retracement level of the downward move from the $64,613 swing high to the $60,746 low.
A close above the USD 63,200 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 63,500 resistance. Any further gains could send the price towards the USD 64,500 level. The next barrier for the bulls could be $65,000.
Lose more in BTC?
If Bitcoin fails to rise above the USD 63,200 resistance zone, it could trigger another decline. The immediate support is near the $61,650 level.
The first major support is near the $61,200 level. The next support is now near the $60,750 zone. Any further losses could send the price towards the USD 60,200 support in the short term. The key support is now at $60,000, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 61,650, followed by USD 61,200.
Major resistance levels – $62,500 and $63,500.