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Bitcoin price extended decline below the $60k support against the US Dollar. BTC could extend losses towards $55k in the coming sessions.

  • Bitcoin started a fresh decline below the $65k and $62k 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 $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses below the $58,500 and $57,500 support levels in the near term.

Bitcoin Price Gains Bearish Momentum

Bitcoin price started a fresh decline from well above the $65,000 zone. BTC traded below the key $65,000 support level to enter a bearish zone.

There was a clear break below the $62,000 support and the 100 hourly simple moving average. Finally, the price traded below the main $60,000 support zone. A low is formed near $58,630 and the price is now consolidating losses.

On the upside, an immediate resistance is near the $60,000 level. The first major resistance is near the $60,450 level. It is close to the 23.6% Fib retracement level of the key decline from the $66,350 swing high to $58,630 low.

There is also a key bearish trend line forming with resistance near $61,000 on the hourly chart of the BTC/USD pair. A clear break above $61,000 resistance may possibly call open the doors for a steady recovery. The next major resistance sits near the $62,500 level.

Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the key decline from the $66,350 swing high to $58,630 low is also near the $62,500 level to act as a key hurdle. A move above the $62,500 level might start a fresh rally.

More Losses in BTC?

If bitcoin fails to recover above the $61,000 resistance zone, it could extend decline. An immediate support on the downside is near the $58,800 level.

The first major support is now forming near the $58,650 level. The next major support is near the $58,000 level, below which the bears might aim a retest of the $55,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $58,500, followed by $58,000.

Major Resistance Levels – $60,450, $61,000 and $62,500.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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