Bitcoin price extended its losses and declined below the $62,500 area. BTC is showing bearish signs and it might turn bearish if it falls below $60,000.

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Bitcoin price continues to fall

Bitcoin price struggled to stay above the $63,500 area and extended its losses. The price declined below the $63,000 and $62,500 levels. The bears even pushed it below $61,200.

A low was formed at $60,888 and the price is currently consolidating losses. If a recovery wave occurs, the price might find it difficult to clear the $62,000 resistance or the 23.6% Fibonacci retracement level of the recent decline from the $65,500 swing high to $60,888 low.

There is also a connecting bearish trend line forming with resistance at $62,000 on the hourly chart of the BTC/USD pair. Bitcoin is currently trading below $63,000 and the 100 hourly simple moving average.

An immediate resistance is near the $61,800 level. The first major resistance could be at $62,000. The next key resistance could be at $63,200 and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent drop from the $65,500 swing high to $60,888 low.

The main hurdle is now at $63,800. A clear break above the $63,800 resistance could lead the price higher. The next resistance is now at $64,450. The price is likely to continue rising if there is a close above the $64,450 resistance zone. In the mentioned case, the price could rise to $65,500.

Is there more downside for Bitcoin?

If bitcoin fails to clear the $62,000 resistance, it is likely to continue to decline. An immediate support on the downside is near the $60,850 level.

The first major support is $60,000. If there is a close below $60,000, the price could start a decline towards $58,000. Any more losses could lead the price towards the $56,500 support area 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 currently below the 50 level.

Major Support Level – $60,850, followed by $60,000.

Ethereum falls below $3,000

Ethereum is in a downtrend and has fallen below the $3,000 level. The decline in Bitcoin and other cryptocurrencies has also affected Ethereum, causing it to trade below $3,050 and the 100 hourly simple moving average. This situation shows the pressure on Ethereum from the overall market uncertainty.

There is a clear downtrend forming below the $2,980 resistance on the hourly chart of the ETH/USD pair. This situation suggests that Ethereum is going through a challenging journey and its price is in a fierce tug-of-war to reach the desired level.

Currently, the biggest resistance Ethereum faces is at the $3,010 level. However, as mentioned earlier, the real key resistance level is $3,030. Surpassing this level could create positive momentum for Ethereum and could drive its price higher.

A potential drop in Ethereum price could reach these levels

If Ethereum fails to break above the $3,030 resistance, it could enter a downtrend. Currently, the first support on the downside is around $2,965. However, below this level, the price could fall back to the $2,940 area.

The next support level for Ethereum is set at $2,880. If it falls below this level, a clear downtrend could occur and a correction to the $2,720 level could occur. Worse still, this movement could pull Ethereum down to the $2,650 level in the short term.

Technical analysis also seems to confirm these concerns. Ethereum’s MACD indicator is losing momentum in the bearish zone. Similarly, the RSI indicator is also trending below the 50 level. All of these indicators show that things are not very bright for Ethereum at the moment.

So, what should investors do? The main support level is currently set at $2,940. If ETH falls below this level, the price could fall further. However, to guard against a potential downtrend, investors should also keep a close eye on the main resistance level of $3,030. A break above this level could be a sign that the price could start to rise again.