Bitcoin price extended losses and traded below the $61,850 zone. BTC now holds the $60,000 support but remains at risk.
- Bitcoin is struggling to start a new rise above the $62,850 zone.
- The price is trading below $62,000 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $61,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bearish momentum if a close occurs below the $60,000 zone.
Bitcoin price continues to fall
Bitcoin price failed to start a new increase above $63,000 and started a new decline. BTC traded below the USD 62,500 and USD 61,500 levels. It even broke the USD 60,500 support.
A low was formed at $60,300 and the price is now consolidating losses. There was a small increase above the USD 60,550 level. However, the price is still well below the 23.6% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low.
Bitcoin price is now trading below $61,500 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance around the $61,200 level. A connecting bearish trendline is also forming with resistance at $61,250 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $62,350 level or the 50% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low. A clear move above the USD 62,350 resistance could push the price higher. The next major resistance could be at USD 63,200.
A close above the resistance at $63,200 could lead to more gains. In the said case, the price could rise and test the USD 64,000 resistance level. Any further gains could send the price towards the USD 65,000 resistance level.
Lose more in BTC?
If Bitcoin fails to rise above the USD 61,250 resistance zone, it could trigger another decline. The immediate downside support is near the USD 60,300 level.
The first major support is near the $60,000 level. The next support is now near the $59,500 zone. Any further losses could send the price towards the USD 58,400 support in the near 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 60,300, followed by USD 60,000.
Major resistance levels – $61,250 and $62,350.
