Bitcoin Price Signals Bearish Continuation, Why BTC Could Drop Below $60K

Bitcoin worth began a recent decline from the $62,000 resistance zone. BTC is declining and stays at a threat of extra losses beneath the $60,000 stage.

• Bitcoin began a recent decline after it failed close to $62,000.
• The value is buying and selling beneath $61,000 and the 100 hourly Easy shifting common.
• There was a break beneath a bearish flag sample with assist close to $60,950 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might achieve bearish momentum if there’s a shut beneath the $60,000 stage.

Bitcoin Value Alerts Breakdown

Bitcoin worth discovered assist close to the $60,250 zone and began a restoration wave. BTC was in a position to recuperate above the 23.6% Fib retracement stage of the downward transfer from the $63,217 swing excessive to the $60,250 low.

Nevertheless, the bears have been lively close to the $61,800 resistance zone. They defended the 50% Fib retracement stage of the downward transfer from the $63,217 swing excessive to the $60,250 low. There was a recent bearish response beneath the $61,200 assist zone.

There was a break beneath a bearish flag sample with assist close to $60,950 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling beneath $61,000 and the 100 hourly Easy shifting common.

Quick resistance is close to the $61,200 stage. The primary main resistance might be $62,000 or the 100 hourly Easy shifting common. The following key resistance might be $62,500. A transparent transfer above the $62,500 resistance would possibly ship the worth greater.

Supply: BTCUSD on TradingView.com

The principle resistance now sits at $63,500. If there’s a shut above the $63,500 resistance zone, the worth might proceed to maneuver up. Within the acknowledged case, the worth might rise towards $65,000.

Extra Downsides In BTC?

If Bitcoin fails to climb above the $61,200 resistance zone, it might proceed to maneuver down. Quick assist on the draw back is close to the $60,500 stage.

The primary main assist is $60,000. If there’s a shut beneath $60,000, the worth might begin to drop towards $58,500. Any extra losses would possibly ship the worth towards the $56,650 assist 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 stage.

Main Help Ranges – $60,500, adopted by $60,000.

Main Resistance Ranges – $61,200, $62,200, and $62,500.