Bitcoin Price Signals Bearish Continuation, Why BTC Could Drop Below $60K

Bitcoin value began a recent decline from the $62,000 resistance zone. BTC is declining and stays at a threat of extra losses beneath the $60,000 stage.

• Bitcoin began a recent decline after it failed close to $62,000.
• The worth is buying and selling beneath $61,000 and the 100 hourly Easy shifting common.
• There was a break beneath a bearish flag sample with help close to $60,950 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may achieve bearish momentum if there’s a shut beneath the $60,000 stage.

Bitcoin Worth Indicators Breakdown

Bitcoin value discovered help close to the $60,250 zone and began a recovery wave. BTC was in a position to get better above the 23.6% Fib retracement stage of the downward transfer from the $63,217 swing excessive to the $60,250 low.

Nonetheless, the bears had been energetic close to the $61,800 resistance zone. They defended the 50% Fib retracement stage of the downward transfer from the $63,217 swing excessive to the $60,250 low. There was a recent bearish response beneath the $61,200 help zone.

There was a break beneath a bearish flag sample with help close to $60,950 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling beneath $61,000 and the 100 hourly Simple moving average.

Quick resistance is close to the $61,200 stage. The primary main resistance may very well be $62,000 or the 100 hourly Easy shifting common. The following key resistance may very well be $62,500. A transparent transfer above the $62,500 resistance may ship the value greater.

Supply: BTCUSD on TradingView.com

The primary resistance now sits at $63,500. If there’s a shut above the $63,500 resistance zone, the value may proceed to maneuver up. Within the said case, the value may rise towards $65,000.

Extra Downsides In BTC?

If Bitcoin fails to climb above the $61,200 resistance zone, it may proceed to maneuver down. Quick help on the draw back is close to the $60,500 stage.

The primary main help is $60,000. If there’s a shut beneath $60,000, the value may begin to drop towards $58,500. Any extra losses may ship the value towards the $56,650 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Assist Ranges – $60,500, adopted by $60,000.

Main Resistance Ranges – $61,200, $62,200, and $62,500.