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Bitcoin price extended losses and traded below the $60,000 zone. BTC is now attempting a recovery wave and is facing hurdles near USD 60,800.
- Bitcoin is struggling to start a new rise above the $61,200 zone.
- The price is trading below $61,000 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $60,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to recover if it remains below the $62,000 resistance zone.
Bitcoin price drops again
Bitcoin price failed to start a new increase above $62,000 and started a new decline. BTC traded below the USD 61,500 and USD 60,500 levels. It even broke the $60,000 support.
A low was formed at $58,888 and the price is now consolidating losses. There was a small increase above the USD 60,000 level. The price was able to climb above the 23.6% Fib retracement level from the downward move from the $64,420 swing high to the $58,888 low.
Bitcoin price is now trading below $61,000 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the $60,800 level. There is also a major bearish trendline forming with resistance at $60,800 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $61,650 level or the 50% Fib retracement level of the downward move from the $64,420 swing high to the $58,888 low. A clear move above the USD 61,650 resistance could push the price higher. The next major resistance could be at USD 62,000.
A close above the $62,000 resistance could lead to more gains. In the said case, the price could rise and test the USD 63,200 resistance level. Any further gains could send the price towards the USD 64,000 resistance level.
More disadvantages of BTC?
If Bitcoin fails to rise above the USD 60,800 resistance zone, it could trigger another decline. The immediate downside support is near the $59,600 level.
The first major support is near the $58,850 level. The next support is now near the $58,500 zone. Any further losses could send the price towards the USD 57,200 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 59,600, followed by USD 58,850.
Major resistance levels – $60,800 and $61,650.
