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Bitcoin price extended losses and traded below the $60,000 area. BTC is now attempting a wave of recovery and is facing obstacles near $60,800.
- Bitcoin is struggling to start a new increase above the $61,200 area.
- The price is trading below $61,000 and the hourly moving average is 100.
- There is a major bearish line forming with resistance at $60,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- This pair may struggle to recover if it stays below the $62,000 resistance area.
Bitcoin Price Falling Again
Bitcoin price failed to start a new rise above $62,000 and started to decline again. BTC traded below the $61,500 and $60,500 levels. It even broke the $60,000 support.
A low was formed at $58,888 and the price is now covering losses. There was a slight rise above the $60,000 level. The price managed to rise above the 23.6% Fib retracement level to the downside from the $64,420 swing high to the $58,888 low.
Bitcoin price is now trading below $61,000 with a moving average of 100 per hour. On the other hand, the price could face resistance near the $60,800 level. There is also a key bearish line forming with resistance at $60,800 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $61,650 level or the 50% Fib retracement level to the downside from the $64,420 swing high to the $58,888 low. A clear move above the $61,650 resistance could send the price higher. The next key resistance would be $62,000.
A close above the $62,000 resistance could trigger further gains. In the mentioned case, the price can rise and test the resistance level of $63,200. Any further gains could send the price to the resistance level of $64,000.
More downside to BTC?
If Bitcoin fails to rise above the $60,800 resistance area, it could start another decline. Immediate support on the downside is near the $59,600 level.
The first major support is near the $58,850 level. The next support is now near the $58,500 area. Another loss could send the price to the $57,200 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in bearish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 50 level.
Major Support Levels – $59,600, followed by $58,850.
Major Resistance Levels – $60,800, and $61,650.
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