Bitcoin is currently trading below $61,500 and the 100 hourly simple moving average
If there is a fresh rise, the price might face resistance near $61,250
The first key resistance is near $61,500
There is also a key bearish trend line with resistance at $61,550 on the BTC hourly chart
The trendline is close to the 61.8% Fibonacci retracement level of the down move from the $62,350 high to $60,000 low
A clear break above the $61,500 resistance might push the price higher.
The next key resistance might be $62,500
If Bitcoin fails to break above the $61,500 resistance zone, it might continue to decline. The immediate support level in the downward direction is around $60,500
The first major support level is around $60,000
The next support level is currently around the $59,200 area
If the price falls further, it may fall to the $58,500 support level in the short term.
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