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Bitcoin Price Extends Decline: Can $60K Serve as a Lifeline?

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Bitcoin price extended losses and traded below the $61,850 zone. BTC is now holding the $60,000 support, but it remains at risk.

  • Bitcoin is struggling to start a fresh increase above $62,850 zone.
  • The price is trading below $62,000 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bearish momentum if there is a close below the $60,000 zone.

Bitcoin Price Dips Further

Bitcoin price failed to start a fresh increase above $63,000 and started a fresh decline. BTC traded below the $62,500 and $61,500 levels. It even broke the $60,500 support.

A low was formed at $60,300 and the price is now consolidating losses. There was a minor increase above the $60,550 level. However, the price is still well below the 23.6% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low.

Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $61,200 level. There is also a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $62,350 level or the 50% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low. A clear move above the $62,350 resistance might send the price higher. The next key resistance could be $63,200.

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A close above the $63,200 resistance might initiate more gains. In the stated case, the price could rise and test the $64,000 resistance level. Any more gains might send the price toward the $65,000 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $61,250 resistance zone, it could start another decline. Immediate support on the downside is near the $60,300 level.

The first major support is near the $60,000 level. The next support is now near the $59,500 zone. Any more losses might send the price toward the $58,400 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $60,300, followed by $60,000.

Major Resistance Levels – $61,250, and $62,350.



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