Bitcoin Price Still At Risk of Major Downside Break Below $60K

Bitcoin worth is exhibiting bearish indicators under the $63,000 resistance zone. BTC should keep above the $60,000 assist zone to keep away from a serious decline.

• Bitcoin remains to be struggling to begin a restoration wave above the $63,000 resistance zone.
• The value is buying and selling under $62,800 and the 100 hourly Easy shifting common.
• There was a break under a connecting bullish pattern line with assist at $62,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might achieve bearish momentum if it settles under the $60,000 assist zone.

Bitcoin Value Battle Continues

Bitcoin worth began one other enhance above the $61,500 resistance zone. BTC cleared the $62,500 and $63,000 resistance ranges. It even spiked above $64,000 however didn’t surpass the important thing stage at $65,000.

A excessive was shaped at $64,142 earlier than there was a pointy decline. There was a break under a connecting bullish pattern line with assist at $62,400 on the hourly chart of the BTC/USD pair. It dived under the $60,800 stage and retested $59,650.

A low was shaped close to $59,666 and the worth is now making an attempt a recent restoration wave. The value climbed above the 23.6% Fib retracement stage of the current decline from the $64,142 swing excessive to the $59,666 low.

Bitcoin worth is buying and selling under $62,800 and the 100 hourly Simple moving average. Quick resistance is close to the $62,000 stage. It’s near the 50% Fib retracement stage of the current decline from the $64,142 swing excessive to the $59,666 low.

The primary main resistance may very well be $63,000. The following resistance now sits at $64,200. If there’s a clear transfer above the $64,200 resistance zone, the worth might proceed to maneuver up. Within the acknowledged case, the worth might rise towards $65,000.

Supply: BTCUSD on TradingView.com

The following main resistance is close to the $66,500 zone. Any extra positive aspects would possibly ship Bitcoin towards the $67,500 resistance zone within the close to time period.

Extra Losses In BTC?

If Bitcoin fails to rise above the $62,000 resistance zone, it might begin one other decline. Quick assist on the draw back is close to the $60,800 stage.

The primary main assist is $60,000. If there’s a shut under $60,000, the worth might begin to drop towards the $59,550 stage. Any extra losses would possibly ship the worth towards the $58,500 assist zone within the close to time period.

Technical indicators:

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

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

Main Assist Ranges – $60,800, adopted by $60,000.

Main Resistance Ranges – $62,000, $63,000, and $64,200.

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