Bitcoin price started a downside correction after failing to sustain above $62,500. BTC declined below the $61,500 and $60,000 levels to move into a short-term bearish zone.

There was a break below a major bullish trend line with support at $61,000 on the hourly chart of the BTC/USD pair. The pair even declined below the 50% Fib retracement level of the upward move from the $54,556 low to $62,700 high.

Bitcoin price is currently trading below the $60,000 level and the 100 hourly simple moving average. Buyers are defending the $58,500 support area. The price settled above the 61.8% Fib retracement level of the upward move from the $54,556 low to $62,700 high.

On the upside, the price could face resistance near the $59,500 level. The first major resistance is near $60,000. A clear move above the $60,000 resistance could push the price higher in the coming sessions. The next major resistance could be at $61,200.



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The next major hurdle is at $62,500. A close above the $62,500 resistance could trigger bullish moves. In this case, the price could rise and test the $65,000 resistance