#Bitcoin Price Drops Below $60K: A Warning Sign?
Bitcoin fell below $60,000. BTC is consolidating losses near $58,000 and could fall further.
Bitcoin fell below $60,000.
The price is below $59,000 and the 100-hour SMA.
BTC/USD's hourly chart shows a big bearish trend line with resistance at $58,000 (Kraken data stream).
The pair may continue to fall due to daily closes below $60,000.
Dropping Bitcoin Price
Bitcoin dropped below $60,500 in a negative zone. To enter a short-term negative zone, BTC settled below $60,000.
Price fell below $58,000. Price is consolidating losses after hitting $56,378. There was a slight uptick near $58,000, the 23.6% Fib retracement level of the decline from $64,740 swing high to $56,378 low.
Bitcoin has fallen below $58,500 and the 100-hour SMA. Resistance near $58,000 is immediate. The hourly BTC/USD chart shows a big negative trend line with resistance at $58,000.
First significant resistance may be $59,200. $60,500, the 50% Fib retracement level of the decline from the $64,740 swing high to the $56,378 low, may be next resistance.
A decisive break above $60,500 barrier could boost prices. The next resistance is $61,500. Price may rise if it breaks $61,500 resistance. The price might reach $63,500 in this situation.
More BTC losses?
Bitcoin may fall if it fails to break $58,500. The downside has immediate support near $57,000.
The first big donation is $56,500. If the closing falls below $56,500, it might drop below $55,000. More losses might push the price toward $53,500.
#BTC #fomc #bitcoin $BTC
The technical indications
Hourly MACD - The negative zone is strengthening.
Relative Strength Index hourly BTC/USD RSI is below 50.
Major Support Levels: $57,000, $56,500
Major Resistance Levels: $58,500, $60,500, $61,500.
