Bitcoin Dives Below $60K, Why Bulls Could Struggle In Short-Term


Bitcoin worth failed to remain above the $60,000 degree towards the US Dollar. BTC is consolidating losses and it stays at a threat of extra downsides under $58,000.

  • Bitcoin prolonged its decline under $62,000 and $60,000 help ranges.
  • The worth is now buying and selling under $60,000 and the 100 hourly easy shifting common.
  • There is a key bearish development line forming with resistance close to $60,900 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair stays at a threat of extra downsides under the $58,000 degree within the close to time period.

Bitcoin Price Extends Losses

Bitcoin worth failed to remain above the important thing $62,000 and $60,000 help ranges. As a outcome, there was a vital draw back break under $60,000.

The worth even settled under the $60,000 degree and the 100 hourly easy shifting common. A low is shaped close to $58,140 and the value is now consolidating losses. An fast resistance on the upside is close to the $59,500 degree.

It is close to the 23.6% Fib retracement degree of the current drop from the $63,700 swing excessive to $58,140 low. The first main resistance is close to the $60,000 degree. The important breakout zone is now forming close to the $61,000 degree and the 100 hourly SMA.

The 50% Fib retracement degree of the current drop from the $63,700 swing excessive to $58,140 low can be close to $60,900. Besides, there’s a key bearish development line forming with resistance close to $60,900 on the hourly chart of the BTC/USD.

Source: BTCUSD on TradingView.com

A transparent break above the development line resistance after which $61,000 could presumably name open the doorways for a transfer in the direction of the $62,000 degree. The subsequent main resistance sits close to the $64,000 degree.

More Losses In BTC?

If bitcoin fails to clear the $60,000 resistance zone, it may proceed to maneuver down. An fast help on the draw back is close to the $58,200 degree.

The first main help is now forming close to the $58,000 degree. A break under the $58,000 help could presumably push the value in the direction of the $57,200 help zone within the close to time period. The subsequent key help is close to the $56,500 degree.

Technical indicators:

Hourly MACD – The MACD is slowly shedding tempo within the bearish zone.

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

Major Support Levels – $58,200, adopted by $58,000.

Major Resistance Levels – $59,500, $60,000 and $60,900.

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