Bitcoin Bears Keeps Pushing, Why BTC Could Turn Bearish Below $60K?


Bitcoin worth prolonged losses and traded beneath the $62,500 zone. BTC is exhibiting bearish indicators and would possibly flip bearish if it settles beneath $60,000.

  • Bitcoin adopted a bearish path and traded beneath $62,500.
  • The value is buying and selling beneath $63,000 and the 100 hourly Easy transferring common.
  • There’s a connecting bearish pattern line forming with resistance at $62,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may lengthen losses and revisit the $60,000 help zone within the close to time period.

Bitcoin Worth Extends Decline

Bitcoin worth struggled to remain above the $63,500 zone and extended losses. There was a transfer beneath the $63,000 and $62,500 ranges. The bears even pushed it beneath $61,200.

A low was shaped at $60,888 and the worth is now consolidating losses. If there’s a restoration wave, the worth would possibly battle to clear the $62,000 resistance or the 23.6% Fib retracement degree of the current decline from the $65,500 swing excessive to the $60,888 low.

There’s additionally a connecting bearish pattern line forming with resistance at $62,000 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling beneath $63,000 and the 100 hourly Simple moving average.

Speedy resistance is close to the $61,800 degree. The primary main resistance could possibly be $62,000. The following key resistance could possibly be $63,200 and the 100 hourly Easy transferring common. It’s near the 50% Fib retracement degree of the current decline from the $65,500 swing excessive to the $60,888 low.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The primary hurdle is now at $63,800. A transparent transfer above the $63,800 resistance would possibly ship the worth larger. The following resistance now sits at $64,450. If there’s a shut above the $64,450 resistance zone, the worth may proceed to maneuver up. Within the acknowledged case, the worth may rise towards $65,500.

Extra Downsides In BTC?

If Bitcoin fails to climb above the $62,000 resistance zone, it may proceed to maneuver down. Speedy help on the draw back is close to the $60,850 degree.

The primary main help is $60,000. If there’s a shut beneath $60,000, the worth may begin to drop towards $58,000. Any extra losses would possibly ship the worth towards the $56,500 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 Energy Index) – The RSI for BTC/USD is now beneath the 50 degree.

Main Help Ranges – $60,850, adopted by $60,000.

Main Resistance Ranges – $62,000, $63,200, and $64,450.

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding selections. Use info offered on this web site solely at your personal threat.



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