Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price failed to stay above the $60,000 level against the US Dollar. BTC is consolidating losses and it remains at a risk of more downsides below $58,000.
- Bitcoin extended its decline below $62,000 and $60,000 support levels.
- The price is now trading below $60,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $60,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair remains at a risk of more downsides below the $58,000 level in the near term.
Bitcoin Price Extends Losses
Bitcoin price failed to stay above the key $62,000 and $60,000 support levels. As a result, there was a crucial downside break below $60,000.
The price even settled below the $60,000 level and the 100 hourly simple moving average. A low is formed near $58,140 and the price is now consolidating losses. An immediate resistance on the upside is near the $59,500 level.
It is near the 23.6% Fib retracement level of the recent drop from the $63,700 swing high to $58,140 low. The first major resistance is near the $60,000 level. The main breakout zone is now forming near the $61,000 level and the 100 hourly SMA.
The 50% Fib retracement level of the recent drop from the $63,700 swing high to $58,140 low is also near $60,900. Besides, there is a key bearish trend line forming with resistance near $60,900 on the hourly chart of the BTC/USD.
Source: BTCUSD on TradingView.com
A clear break above the trend line resistance and then $61,000 may possibly call open the doors for a move towards the $62,000 level. The next major resistance sits near the $64,000 level.
More Losses In BTC?
If bitcoin fails to clear the $60,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $58,200 level.
The first major support is now forming near the $58,000 level. A break below the $58,000 support may possibly push the price towards the $57,200 support zone in the near term. The next key support is near the $56,500 level.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $58,200, followed by $58,000.
Major Resistance Levels – $59,500, $60,000 and $60,900.