Bitcoin Bears Keeps Pushing, Why BTC Could Turn Bearish Below $60K?

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.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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