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Bitcoin price started a new decline below the USD 63,500 level. BTC is now consolidating above $60,000 and could face many positive hurdles.
- Bitcoin is down more than 5% from the $65,000 resistance zone.
- The price is trading below $63,500 and the 100 hourly Simple Moving Average.
- There is a connecting bearish trendline with resistance at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start to rise again if it remains above the $60,500 support zone.
Bitcoin price takes a hit
Bitcoin price started declining again after the USD 65,000 resistance. BTC broke through the USD 64,000 and USD 63,500 support levels and entered a short-term bearish zone.
The price even dropped below $61,500. A low was formed at $60,281 and the price is now consolidating losses. The price is now trading near the 23.6% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.
Bitcoin is now trading below $62,500 and the 100 hourly Simple Moving Average. If a new increase occurs, the price may encounter resistance near the $61,650 level. The first major resistance is around the $62,500 level. There is also a connecting bearish trendline with resistance at $62,800 on the hourly chart of the BTC/USD pair.
A clear move above the USD 62,800 resistance could push the price higher. The next major resistance could be at USD 63,200. It is close to the 50% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.
A close above the resistance at $63,200 could provide more upside. 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 62,800 resistance zone, it could continue to decline. The immediate downside support is near the $61,000 level.
The first major support is near the USD 60,500 level. The next support is now near the $60,000 zone. Any further losses could send the price towards the USD 58,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 60,500, followed by USD 60,000.
Major resistance levels – $61,650 and $62,800.
