Bitcoin price has started a new decline below the $62,500 zone. $BTC is showing bearish signs and could continue to decline if it breaks below $61,200.
- Bitcoin failed to break above $63,200 and losses widened.
- The price is trading below the 100 hourly simple moving average at $62,500.
- On the hourly chart of , a bearish trend line is forming with resistance near $62,400. $BTC/USD pair (data feed from Kraken).
- Losses can widen if this pair breaks below the $62,500 and $63,500 levels.
Bitcoin price falls towards support
Bitcoin price failed to break above the $63,500 support zone. $BTC It remained in the bearish zone and extended its losses below $63,200. There was a move below the $62,500 level.
At times the price was below $61,200. The low was formed at $60,746 and the price is still showing many bearish signs. There was a slight rally above the 23.6% Fib retracement level of the decline from the swing high of $64,613 to the low of $60,746.
Bitcoin is currently trading below $62,500 and its 100-hour simple moving average. There is also a bearish trend line forming resistance near $62,400 on the hourly chart. $BTC/USD pair.
If the price remains stable above $60,750, it could attempt another rally. Immediate resistance is near the $62,500 level and trend line. The first major resistance is near the $63,200 level, or the 61.8% fibritracement level of the decline from the swing high of $64,613 to the low of $60,746.
If the price closes above the $63,200 resistance, the price could move higher. In the above case, the price may rise and test the $63,500 resistance. Any further rise could push the price closer to the $64,500 level. The next barrier for the bulls could be $65,000.
more losses will occur $BTC?
If Bitcoin fails to rise above the $63,200 resistance zone, further decline could begin. Immediate support is near the $61,650 level.
The first major support is near the $61,200 level. The next support is currently near the $60,750 zone. Any further losses could send the price towards the $60,200 support in the near term. The current main support is $60,000, below which it is falling. $BTC Recovery may be difficult in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI $BTC/USD is currently above the 50 level.
Major support level – $61,650, followed by $61,200.
Key resistance levels – $62,500 and $63,500.
