#bitcoin Bears Keeps Pushing, Why BTC Could Turn Bearish Below $60K?
Bitcoin's price has continued its downward trend, breaching the $62,500 support level and signaling potential bearish momentum that could intensify if it falls below $60,000.
BTC followed a downward trajectory, slipping below the critical $63,000 mark and the 100 hourly Simple Moving Average. The decline extended below $62,000, with the price even dipping beneath $61,200.
Currently, BTC is consolidating losses after reaching a low of $60,888. Any attempt at a recovery may encounter resistance near the $62,000 level, as well as the 23.6% Fibonacci retracement level of the recent decline from the $65,500 swing high to the $60,888 low. Moreover, a bearish trend line is forming with resistance at $62,000 on the hourly chart of the BTC/USD pair.
Bitcoin is presently trading below $63,000 and the 100 hourly Simple Moving Average, adding to the bearish sentiment. Immediate resistance is expected near the $61,800 level, followed by more significant hurdles at $62,000 and $63,200, the latter being close to the 50% Fibonacci retracement level.
The primary obstacle for bulls lies at $63,800, with a clear breakthrough potentially propelling the price towards $64,450. However, if BTC fails to breach the $62,000 resistance zone, further downside movement is likely. Immediate support awaits near $60,850, followed by the crucial $60,000 level. A close below $60,000 could trigger a drop towards $58,000, with additional losses potentially leading to the $56,500 support zone.
Technical Indicators:
- The hourly MACD indicates increasing bearish momentum, while the hourly RSI for BTC/USD is currently below the 50 level, suggesting prevailing bearish sentiment.
- Major Support Levels: $60,850, $60,000
- Major Resistance Levels: $62,000, $63,200, $64,450
Source - newsbtc.com
