Bitcoin Price Drops: Will Bears Take Over?
Bitcoin failed $60,650 resistance. BTC may fall to $57,500 after correcting gains.
Bitcoin has reversed gains and is below $60,000.
The price is below $58,800 and the 100-hour SMA.
BTC/USD broke below a crucial bullish trend line with support around $60,000 on the hourly chart.
If it holds over $57,500, the pair may rise again.
Bitcoin Price Corrects Down
Bitcoin rose after breaking the $58,500 barrier zone. BTC broke $59,500 resistance. The couple broke $60,000 resistance.
Bears are aggressive approaching $60,650 resistance. After reaching $60,638, the price is correcting. Price fell below $59,500. Price fell below the 23.6% Fib retracement line of the rise from $55,548 swing low to $60,638 high.
The hourly BTC/USD chart also broke below a positive trend line with support at $60,000. Bitcoin has fallen below $58,800 and the 100-hour SMA.
Price may find resistance at $59,200 on the upside. First major resistance is about $60,000. A break over $60,000 barrier might launch a sustained rise in the next sessions. The next hurdle may be $60,650. Closes over $60,650 barrier may drive additional gains. If the price rises, it may test $62,000.
More BTC downsides?
Bitcoin may fall if it fails to break $59,200. The downside support is approaching $58,000, the 50% Fib retracement level of the upward rise from the $55,548 swing low to the $60,638 high.
The first big donation is $57,500. Around $56,750 is the next support. More losses might push the price toward $55,550.
Relative Strength Index hourly BTC/USD RSI is below 50.
Major Support Levels: $58,000, $57,500.
Major Resistance Levels: $59,200, $60,000.
