The price of Bitcoin continues to decline and has fallen below the $61,850 range. Currently, BTC has stabilized at the $60,000 support level, but there are still certain risks.

Bitcoin is attempting to break the $62,850 resistance to start a new upside. However, the current price is below $62,000 and it is also below the 100 hourly simple moving average.

On the hourly chart of BTC/USD, a bearish trend line has formed with short-term resistance at $61,250 (data source: Kraken). If the price closes below the $60,000 area, this could lead to bearish momentum for the trading pair.

Bitcoin price drops further

The failure of the Bitcoin price to break above $63,000 has led to a downward trend. BTC has fallen below the $62,500 and $61,500 support levels and even below $60,500.

The current low was formed at $60,300 and the price is consolidating its downtrend and is now slightly recovering above $60,550. However, the price remains well below the 23.6% Fibonacci retracement level of the upward move 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, it is expected to face resistance near $61,200. There is a bearish trend line formed with resistance at $61,250 on the hourly chart of BTC/USD.

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. If the price can clearly break above the $62,350 resistance level, it is likely to fuel further gains. The next key resistance will be $63,200.

A close above the $63,200 resistance could spark a bigger rally and the price could test the $64,000 resistance. Further gains could carry the price towards the $65,000 level.

BTC Loses More?

If bitcoin fails to clear the $61,250 resistance, it could risk another downside move. The immediate support on the downside is near $60,300.

The first major support is near the $60,000 level, while the next support is located in the $59,500 area. If the price declines further, the $58,400 support level is likely to be tested in the near term.

Technical indicators:

Current technical indicators show that Bitcoin’s hourly MACD is accelerating in the bearish zone

The hourly RSI for BTC/USD is below 50, further suggesting weakness in the market.

The main support is at $60,300, followed by $60,000.

The main resistance levels are $61,250 and $62,350.