Bitcoin price extended its losses and traded below the $61,850 area. BTC now holds the $60,000 support, but it remains at risk.
- Bitcoin is struggling to initiate a further rise above the $62,850 zone.
- The price is trading below $62,000 and the 100 hourly simple moving average.
- There is a connected downtrend line with resistance at $61,250 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could gain bearish momentum if the close is below the $60,000 zone.
Bitcoin price falls again
Bitcoin price failed to initiate a further increase above $63,000 and began a further decline. BTC traded below the $62,500 and $61,500 levels. It even broke the $60,500 support.
A low formed at $60,300 and the price is now consolidating its losses. There was a slight increase above the $60,550 level. However, the price is still well below the 23.6% Fibonacci retracement level of the recent decline from the $64,420 high to $60,300 low.
Bitcoin price is now trading below $61,500 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $61,200 level. There is also a downtrend line forming with resistance at $61,250 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $62,350 level or the 50% Fibonacci retracement level of the recent decline from the $64,420 high to $60,300 low. A sharp move above the $62,350 resistance could send the price higher. The next key resistance could be $63,200.
A close above the $63,200 resistance could generate further gains. In the indicated case, the price could rise and test the resistance level of $64,000. Any further gains could push the price towards the $65,000 resistance level.
More losses in BTC?
If Bitcoin fails to rise above the $61,250 resistance zone, it could begin a further decline. Immediate downside support is near the $60,300 level.
The first major support is near the $60,000 level. The next support is now near the $59,500 area. Any further losses could push the price towards the $58,400 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now accelerating into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $60,300, followed by $60,000.
Major resistance levels – $61,250 and $62,350.
