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Bitcoin price started an upside correction above $60,000 against the US Dollar. BTC could recover further, but the bears might remain active near $62,500.

  • Bitcoin is still trading well below the $62,000 and $62,500 resistance levels.
  • The price is now trading below $62,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line with resistance near $60,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could recover towards $62,500, where the bears might take a stand.

Bitcoin Price Turns Red

Bitcoin price extended decline below the $62,000 support zone. BTC even traded below the $60,000 support level and settled below the 100 hourly simple moving average.

Finally, the price traded as low as $58,630 and is now consolidating losses. There was a minor recovery wave above the $59,500 and $60,000 levels. There was a break above the 23.6% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low.

On the upside, an immediate resistance is near the $60,700 level. There is also a major bearish trend line with resistance near $60,700 on the hourly chart of the BTC/USD pair.

A proper close above the $60,700 level could set the tone for a larger increase. The first major resistance is near the $62,500 level. It is close to the 50% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low.

Source: BTCUSD on TradingView.com

If the bulls push the price towards $62,500, the bears are likely to take a stand. Any more gains could open the doors for a move towards the $63,200 level.

More Losses in BTC?

If bitcoin fails to recover above the $61,200 resistance zone, it could extend decline. An immediate support on the downside is near the $59,500 level.

The first major support is now forming near the $59,200 level. The next major support is near the $58,500 level, below which the bears might aim a more downsides. In the stated case, the price may perhaps slide towards the $55,000 support zone in the near term.

Technical indicators:

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

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

Major Support Levels – $59,200, followed by $58,500.

Major Resistance Levels – $60,700, $61,200 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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