Bitcoin prices fell below $60k against the US Dollar. BTC might see losses up to $55k over the coming sessions.
- Bitcoin experienced a sharp decline, falling below $62k/$65k levels.
- The current price trades below $60,000, and the simple moving average is 100 hours.
- A key bearish trendline is emerging with resistance close to $61,000 in the hourly charts of the BTC/USD pairs (data feed Kraken).
- This pair might experience short-term losses of between $58,500 to $57,500.
Bitcoin Price Gains Bearish Momentum
The Bitcoin price began a new decline well below the $65,000 mark. BTC fell below $65,000 to move into a bearish zone.
The price broke below the $62,000 resistance and the 100 hourly simple movement average. The main $60,000 support area was reached, and the price fell below it. The price has now fallen to $58,630, and is consolidating its losses.
Surprisingly, a resistance level is located near $60,000 Near the $60,450 mark is the first significant resistance. This is near the 23.6% Fib Retracement Level of the Key Decline from $66,350 high to $58,630 low.
A key bearish trendline is also in place with resistance close to $61,000. This can be seen on the hourly charts of BTC/USD. A break above the $61,000 resistance could signal a gradual recovery. Near the $62,500 mark is the next significant resistance.
Source: BTCUSD at TradingView.com
To act as a major hurdle, the 50% Fib level is near $62,500. An upward move to $62,500 could trigger a new rally.
Bitcoin could continue to decline if it fails to rise above $61,000. Support for the downside lies near the $58,800 mark.
At the $58,650 level, there is currently a first significant support. Next major support will be found near the $58,000 mark, which could allow bears to retest the $55,000 zone of support in the immediate future.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $58,500, followed by $58,000.
Major Resistance Levels – $60,450, $61,000 and $62,500.