#bitcoin Price Signals #BEARISH📉 Continuation, Why BTC Could Drop Below $60K
Bitcoin's price encountered resistance near the $62,000 zone, initiating a fresh downtrend. With BTC now trading below $61,000, there's a looming risk of further declines below the crucial $60,000 mark.
Initially, Bitcoin found support around $60,250 and attempted a recovery. It managed to surpass the 23.6% Fibonacci retracement level of the recent downward swing from the $63,217 high to the $60,250 low. However, sellers remained active near the $61,800 resistance area, defending the 50% Fibonacci retracement level.
A subsequent bearish reaction ensued, leading to a break below a bearish flag pattern with support near $60,950 on the BTC/USD hourly chart. Currently, Bitcoin is trading below $61,000 and the 100-hourly Simple Moving Average.
Immediate resistance is expected around $61,200, followed by significant hurdles at $62,000 and the 100-hourly SMA. Further up, the key resistance lies at $62,500, with a clear move above this level potentially triggering a bullish trend towards $63,500 and beyond, possibly reaching $65,000.
On the downside, if Bitcoin fails to overcome the $61,200 resistance, it could extend its decline. Initial support is anticipated around $60,500, followed by a crucial level at $60,000. A close below $60,000 might ignite a downward move towards $58,500, with further losses potentially targeting the $56,650 support zone.
Technical indicators reveal a bearish outlook, with the hourly MACD gaining momentum in the bearish zone and the hourly RSI dropping below the 50 level.
In summary, Bitcoin faces resistance near $61,200, and a failure to breach this level could lead to more downsides below $60,000. Conversely, a successful break above $62,500 may pave the way for further gains towards $65,000.
Source - newsbtc.com
