BITCOIN

Bitcoin sinks below $ 60K, which is why bulls can fight in the short term


Bitcoin has failed to stay above $ 60,000 against the US dollar. BTC is consolidating losses and is at risk of further declines below $ 58,000.

  • Bitcoin has extended its fall below the $ 62,000 and $ 60,000 support levels.
  • Prices are now trading below $ 60,000 and below the simple moving average in 100 hours.
  • The hourly chart of BTC / USD pair (data feed from Kraken) has a key bearish trend line with resistance around $ 60,900.
  • The pair is at risk of further falling below the 58,000 level in the near term.

Bitcoin prices increase losses

The price of Bitcoin has failed to stay above the original $ 62,000 and $ 60,000 support levels. As a result, there was a significant negative break below $ 60,000.

Prices have stabilized even below the $ 60,000 level and the simple moving average in 100 hours. A low has formed around $ 58,140 and the price is now accumulating losses. An immediate upward resistance is near the $ 59,500 level.

This is close to the 23.6% Fib retracement level of the recent drop below $ 58,140 from the হাই 63,700 swing high. The first major resistance is near the $ 60,000 level. The original breakout zone is now being built near the $ 61,000 level and 100 hour SMA.

The 50% Fib retracement level is also close to $ 60,900, with the recent $ 63,700 swing going from a high to a low of $ 58,140. Also, a key bearish trend line has formed with resistance near $ 60,900 per hour chart of BTC / USD.

Source: BTCUSD on TradingView.com

A clear break above the trend line resistance and then $ 61,000 could probably open the door to 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 may go 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 is likely to push the price towards the অঞ্চ 57,200 support area in the near term. The next key support is near the $ 56,500 level.

Technical indicators:

MACD per hour – MACD is slowly losing momentum in the bearish zone.

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

Main support level – $ 58,200, then $ 58,000

Major resistance levels – $ 59,500, $ 60,000 and $ 60,900.



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