Bitcoin price extended losses and traded below the $62,500 zone. BTC is showing bearish signs and could turn bearish if it falls 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.
- A connecting bearish trendline is 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 short term.
Bitcoin Price Extends Decline
Bitcoin price struggled to stay above the $63,500 zone and extended losses. There was a move below the USD 63,000 and USD 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 a recovery wave comes, the price could struggle to break the $62,000 resistance or the 23.6% Fib retracement level from the recent decline from the $65,500 swing high to the $60,888 low.
A connecting bearish trendline is also 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.
The immediate resistance is near the $61,800 level. The first major resistance could be at $62,000. The next major 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 USD 63,800 resistance could push the price higher. The next resistance is now at $64,450. If there is a close above the USD 64,450 resistance zone, the price could continue to rise. In the mentioned case, the price could rise to $65,500.
More disadvantages of BTC?
If Bitcoin fails to climb above the $62,000 resistance zone, it could continue to decline. The immediate downside support is near the USD 60,850 level.
The first major support is $60,000. If there is a close below $60,000, the price may start to fall towards $58,000. Any further losses could send the price towards the $56,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 60,850, followed by USD 60,000.
Major resistance levels – $62,000, $63,200 and $64,450.
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