The downward trend in Bitcoin price is deepening. BTC is trading below the $62,000 level. BTC is exhibiting bearish signals and it could resume its downtrend if it breaks below $60,000. Recently, Bitcoin price struggled to stay above the $63,500 level and extended its losses. There was a move below the $63,000 and $62,500 levels and the bears even managed to push the price down to $61,200.
Can Bitcoin Price Recover Its Losses?
The low was formed near $60,888 and the price is currently trying to consolidate these losses. There is a connecting bearish trend line forming with resistance at $62,000 on the hourly chart of the BTC/USD pair.
While the immediate resistance is near the $61,800 level, the first major resistance is located at $62,000. The next key resistance is 63,200. Currently, the main hurdle lies at $63,800. If it breaks above the $63,800 resistance level, the price is likely to rise further.
-Cointurk
