Bitcoin price extended losses and traded below the $62,500 zone. BTC is showing bearish signs and might turn bearish if it settles 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 could 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 was formed at $60,888 and the price is now consolidating losses. If there is a recovery wave, the price might struggle to clear the $62,000 resistance or the 23.6% Fib retracement level of the recent decline from the $65,500 swing high to the $60,888 low.
There is also a connecting bearish trend line forming with 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 close to the 50% Fib retracement level of the recent decline from the $65,500 swing 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 might send the price higher. The next resistance now sits at $64,450. If there is a close above the $64,450 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,500.
More Downsides In BTC?
If Bitcoin fails to climb above the $62,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,850 level.
The first major support is $60,000. If there is a close below $60,000, the price could start to drop toward $58,000. Any more losses might send the price toward the $56,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace 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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