Bitcoin price extended its decline and fell below the $61,850 area. BTC is currently holding the $60,000 support level but remains at risk.
Bitcoin is struggling to break out of the $62,850 area and start a fresh uptrend.
The price is trading below $62,000 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC/USD pair (data source from Kraken).
The pair could gain bearish momentum if there is a close below the $60,000 area.
Bitcoin price drops further
The Bitcoin price failed to break through $63,000 to start a new round of gains and started to decline. BTC fell below the $62,500 and $61,500 levels. It even fell below the $60,500 support level.
A low was formed at $60,300 and the price is currently consolidating declines. The price is just above the $60,550 level. However, the price remains well below the 23.6% Fibonacci retracement level of the recent decline from the $64,420 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 is likely to 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 key resistance is near the $62,350 level, which is the 50% Fibonacci retracement level of the recent decline from the $64,420 high to $60,300 low. A clear break above the $62,350 resistance level could push the price higher. The next key resistance could be $63,200.
A close above the $63,200 resistance could spark more gains. In such a case, the price could rise and test the $64,000 resistance. Any further gains could sink the price towards the $65,000 resistance.
BTC Loses More?
If bitcoin fails to clear the $61,250 resistance, it could decline again. An immediate support on the downside is near $60,300.
The first major support is near the $60,000 level. The next support is currently near the $59,500 area. If the price declines further, it could drop to the $58,400 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
The main support level – $60,300, followed by $60,000.
Major Resistance Levels – $61,250 and $62,350.
