Bitcoin price failed to start a new growth above the resistance zone of $62,850. BTC started another decline and fell by 5%, testing $58,000.
- Bitcoin began a new decline and traded below the $60,000 mark.
- The price is trading below $61,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a connecting bearish trend line forming with resistance at $60,000.
- The pair may face difficulties in starting a new rise above the $60,850 resistance zone.
Bitcoin Price Falls 5%
Bitcoin price struggled to start a decent recovery wave above the $62,850 resistance level. Bears took control and pushed BTC below the $61,200 support zone. There was a sharp drop below the $60,000 level.
The price dropped by 5% and even fell sharply below the $58,000 level. The low was formed at $57,890 and now the price is consolidating losses. There was a small rise above the $58,500 level and approaching the 23.6% Fibonacci retracement level of the downward move from the swing high of $63,798 to the low of $57,890.
Bitcoin price is currently trading below $61,500 and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair.
If there is a decent rally, the price may encounter resistance near the $60,000 level and the trend line. The first key resistance is near the $60,850 level and the 50% Fibonacci retracement level of the downward move from the swing high of $63,798 to the low of $57,890.
The next key resistance could be $61,500. A clear break above the $61,500 resistance could start a sustained rally and push the price higher. In this case, the price could rally and test the $62,250 resistance. Any further gains could send BTC towards the $63,500 resistance in the near term.
New BTC losses?
If Bitcoin fails to rise above the $60,000 resistance zone, it may continue to move lower. Immediate support on the downside is near the $58,250 level.
The first major support is $58,000. The next support is currently forming around $57,800. Any further losses could send the price towards the $56,500 support zone in the near future.
Technical indicators:
Hourly MACD – MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
The main support levels are $58,250, then $58,000.
The main resistance levels are $59,250 and $60,000.
