Bitcoin price continues to decline and trades below $61,850. BTC is currently holding the $60,000 support level, but remains at risk.
Bitcoin is struggling to start a fresh rally above $62,850.
The price is trading below the $62,000 level and the 100 hourly simple moving average.
There is a bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain further downside momentum if the price closes below $60,000.
Bitcoin Price Continues to Fall
Bitcoin price failed to start rising again above $63,000 and started to decline again. BTC traded below $62,500 and $61,500. It even broke the $60,500 support level.
A low was formed at $60,300 and the price is currently consolidating losses. There was a small bounce above the $60,550 level. However, the price is still well below the 23.6% Fib retracement level of the recent decline from the $64,420 swing high to $60,300 low.
Bitcoin price is currently trading below $61,500 and the 100 hourly simple moving average. On the upside, the price could face resistance near $61,200. There is also a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $62,350 level or the 50% Fib retracement level of the recent decline from the $64,420 high to $60,300 low. A clear move above the $62,350 resistance could push the price higher. The next major resistance could be at $63,200.
A close above the $63,200 resistance level could initiate more upside. In the case mentioned above, the price could rise and test the $64,000 resistance level. Any further upside could take the price towards the $65,000 resistance level.
Any more losses in BTC?
If Bitcoin fails to clear the $61,250 resistance zone, it could start another decline. Immediate support on the downside is near the $60,300 level.
The first major support level is near the $60,000 level. The next support level is now near the $59,500 area. Any further losses could push the price towards the $58,400 support level in the near term.
Technical indicators:
Hourly MACD â The MACD is currently accelerating in the bearish zone.
Hourly Relative Strength Index (RSI) â The RSI for BTC/USD is currently below the 50 level.
Major support level â $60,300, followed by $60,000.
Major resistance levels â $61,250 and $62,350.
