Bitcoin Faces Decline Below $61,200
Bitcoin has recently started another decline, falling below the $61,200 support level. The price is currently trading below $62,000 and the 100 hourly Simple Moving Average. As the bears take control, there is a connecting bearish trend line forming with resistance at $60,400 on the hourly chart of the BTC/USD pair, sourced from Kraken. Failure to recover above $60,400 and then $62,000 could lead to a further drop this week.
Bitcoin Price Reaches Support
Following a decline below the $62,500 support, Bitcoin dropped further to below $61,200 as bears took over. A low was established at $59,110, and the price is currently consolidating its losses. Despite a minor increase above $60,000 and the 23.6% Fib retracement level, Bitcoin is still trading below $61,500 and the 100 hourly Simple Moving Average. Immediate resistance is seen near the $60,400 level, with a bearish trend line forming.
- The bears took control, pushing the price below $60,000.
- A low was formed at $59,110.
- Price consolidates losses, with resistance at $60,400.
- Connecting bearish trend line forms on the hourly chart.
More Downsides In BTC?
If Bitcoin fails to rise above the $60,400 resistance, there is a possibility of further downside. Immediate support is expected near the $59,500 level, followed by the crucial $59,100 support. A close below $59,100 could trigger a drop towards $58,000, potentially leading to a further decline to the $56,400 support area in the short term.
- Failure to breach $60,400 could lead to a continued decline.
- Immediate support at $59,500 and $59,100 levels.
- Possible drop towards $58,000 on a close below $59,100.
- Potential decline to $56,400 support zone in the near term.
Technical Indicators
Technical analysis of Bitcoin indicates:
- Hourly MACD gaining momentum in the bearish zone.
- Hourly RSI for BTC/USD below the 50 level.
- Major Support Levels at $59,500 and $59,100.
- Major Resistance Levels at $60,400, $61,200, and $62,000.
Hot Take: Stay Updated on Bitcoin Price Movements
As Bitcoin faces a potential decline below $61,200, it’s essential to monitor the price movements closely. With immediate support and resistance levels identified, traders need to stay informed to make informed decisions. Keep an eye on technical indicators like MACD and RSI for further insights into Bitcoin’s price trajectory. Stay informed and adapt your trading strategy accordingly to navigate the current market conditions effectively.
By
By
By