Bitcoin price started a downward correction from the $64,600 zone. $BTC is showing bearish signs and may continue to stay below $61,200.
- Bitcoin failed to break above $64,000 and losses widened.
- The price is trading below the 100 hourly simple moving average at $62,800.
- On the hourly chart, the price broke below the bullish trend line with support at $62,500. $BTC/USD pair (data feed from Kraken).
- Losses can widen if this pair breaks below the $62,500 and $62,200 levels.
Bitcoin price falls again
Bitcoin price failed to break out of the $64,500 resistance zone. $BTC The price has started to correct, falling below the key support at $63,500 and entering the bearish zone.
There was a move below the 50% Fib retracement level of the upward movement from the swing low of $59,070 to the high of $64,613. Furthermore, the price broke below the bullish trend line with support at $62,500 on the hourly chart. $BTC/USD pair.
Bitcoin is currently trading below $62,500 and its 100-hour simple moving average. If the price remains stable above $61,500, it could attempt another rally. Immediate resistance is near the $62,000 level. The first major resistance level is near the $62,200 level.
If the price closes above the $62,200 resistance level, the price could move higher. In the above case, the price could rise and test the $64,000 resistance. The next resistance level could be near the $64,500 level. Any further rise could push the price closer to the $66,000 level. The main hurdle for bulls could be $66,500.
Lower price extension in $BTC?
If Bitcoin fails to rise above the $62,500 resistance zone, further decline could begin. Immediate support is near the $61,200 level, or the 61.8% Fib retracement level of the swing low of $59,070 to the high of $64,613.
The first major support is near the $60,950 level. The next support is currently near the $60,200 zone. Any further losses could send the price towards the $59,000 support in the near term. The current main support is $58,500, but it is below it. $BTC Recovery may be difficult in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI $BTC/USD is currently below the 50 level.
Major support level – $61,200 followed by $60,200.
Key resistance levels – $62,500 and $64,000.
