BITCOIN

Why Bitcoin can fix below K 60K in the near term


The price of Bitcoin has started a downward correction from above $ 64,000 against the US dollar. BTC could extend its fall below the 60,000 support in the near term.

  • Bitcoin failed to stay above $ 62,000 and extended its decline.
  • Prices are now trading below $ 62,000 and a simple moving average in 100 hours.
  • The hourly chart of BTC / USD pair (data feed from Kraken) has formed a significant bearish trend line with resistance near $ 62,300.
  • The pair could extend the fall below the 60,500 and 60,000 support levels.

The price of Bitcoin is at risk

The price of Bitcoin has tried to clear the resistance level of $ 64,000. However, BTC has failed to gain strength and has started a new decline. The bear has gained strength and has been able to push the price below the 62,500 support zone.

Prices have even stabilized below the $ 62,000 level and the simple moving average in 100 hours. A low has formed around $ 59,824 and the price is now struggling to stay in a positive territory. It is examining the 23.6% Fib retracement level of the recent fall below the 63,700 swing high to $ 59,824.

It is currently facing resistance near the 60,800 and 61,000 levels. The first major resistance is near the $ 61,750 level and the 100-hour SMA. The 50% Fib retracement level of the recent fall is from $ 63,700 swing high to $ 61,800 below $ 59,824.

Source: BTCUSD on TradingView.com

Major breakout resistance is now forming near the $ 62,000 level. The BTC / USD pair also has a significant bearish trend line with resistance near $ 62,300 per hour chart. A clear break above the trend line resistance and then $ 62,500 could probably open the door to move towards the 63,200 level. The next major resistance sits near the $ 64,000 level.

More losses in BTC?

If Bitcoin fails to clear the $ 62,000 resistance zone, it may go down. An immediate support on the downside is near the $ 60,000 level.

The first major support is now forming near the 59,500 level. A break below the $ 59,500 support is likely to push the price towards the অঞ্চ 58,000 support area in the near term.

Technical indicators:

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

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

Main support level – $ 60,000, then $ 59,500

Major resistance levels – $ 61,200, $ 62,000 and $ 62,300.



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