Bitcoin bears are back, why BTC might even fall below $60,000


The price of Bitcoin has failed to stabilize above US$65,000 against the US dollar. BTC started a new decline and may extend the decline below the support level of $60,000.

  • Bitcoin started a new decline from the resistance zone of $66,400.
  • The price is now well below $65,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD currency pair (data feed from Kraken), the support level is around $64,400, breaking the main uptrend channel.
  • The currency pair may extend its decline to below the support levels of $61,200 and $60,500 in the short term.

Bitcoin price starts a new decline

Bitcoin price failed to rise above 66,000 USD resistance zone. BTC reached a maximum of 66,400 USD and started a new decline. It fell sharply below the support level of $65,000 and the 100-hour simple moving average.

The price is even below the support levels of $63,500 and $63,000. In addition, on the hourly chart of the BTC/USD currency pair, the support level was around 64,400 USD, which broke the main uptrend channel. The bears gained momentum to break below the $62,000 support zone.

A low was formed near $61,126, and the price is now consolidating losses. On the bright side, the immediate resistance is near $62,000. The first major resistance is near $62,400. It is close to the 23.6% Fibonacci retracement of the recent decline, falling from a swing high of $66,349 to a low of $61,126.

A clear break of the $62,400 resistance level may open the door to a steady recovery. The next major resistance is near $63,000.this Major breakthrough resistance It is now forming a level close to $63,750.

Source: BTCUSD on TradingView.com

The 50% Fibonacci retracement level of the recent swing high of $66,349 to the low of $61,126 is also close to $63,750, becoming a key obstacle.

BTC loses more?

If Bitcoin fails to recover above the $63,000 resistance zone, it may continue its decline. The immediate support for the downside is around $61,200.

The first major support level is now formed near $61,000. The next major support level is around $60,000, below which it may be difficult for bulls to keep prices in the green zone in the short term.

Technical index:

Hourly MACD – The MACD is now accelerating in the bearish zone.

Hourly RSI (Relative Strength Index)-The RSI for BTC/USD is now in the oversold zone.

The main support level – 61,200 USD, then 60,000 USD.

The main resistance levels – 62,400 USD, 63,000 USD and 63,750 USD.



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