Bitcoin price extended losses and traded below the $62,500 zone. BTC is showing bearish signals and could turn bearish if it stabilizes below $60,000.
- Bitcoin followed a bearish path and traded below $62,500.
- The price is trading below $63,000 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $62,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may extend losses and revisit the $60,000 support zone in the near term.
Bitcoin price extends decline
Bitcoin price struggled to stay above the $63,500 zone and extended losses. There was a move below the $63,000 and $62,500 levels. The bears even pushed it below $61,200.
A low has formed at $60,888 and the price is now consolidating losses. If a recovery wave occurs, the price may have difficulty clearing the $62,000 resistance or the 23.6% Fib retracement level of the recent decline from the $65,500 high to the $60,888 low.
There is also a connecting bearish trend line forming with the resistance at $62,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $63,000 and the 100 hourly simple moving average.
Immediate resistance is near the $61,800 level. The first major resistance could be $62,000. The next key resistance could be $63,200 and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $65,500 high to the $60,888 low.
Source: BTCUSD on TradingView.com
The main hurdle is now at $63,800. A clear move above the $63,800 resistance could push the price higher. The next resistance now lies at $64,450. If a close above the $64,450 resistance zone occurs, the price could continue to rise. In this case, the price could rise up to $65,500.
Other negative aspects of BTC?
If Bitcoin fails to break out of the $62,000 resistance zone, it could continue to decline. Immediate downside support is near the $60,850 level.
The first major support is $60,000. If the close were to be below $60,000, the price could start to fall towards $58,000. Any further losses could send the price towards the $56,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining ground in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels: $60,850, followed by $60,000.
Major resistance levels: $62,000, $63,200 and $64,450.
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