Bitcoin’s downward trend continues as it falls below the $62,000 mark. If the price drops below $60,000, further decline is possible. Bitcoin has been struggling to stay above $63,500 and has experienced losses. It dipped below the $63,000 and $62,500 levels, reaching as low as $61,200.
In an attempt to recover these losses, Bitcoin is currently consolidating around $60,888. On the BTC/USD hourly chart, a downward trend line has formed at the $62,000 resistance level. The immediate resistance is around $61,800, with the first major resistance at $62,000. The next significant resistance is at $63,200, while the main barrier is at $63,800. Breaking through this resistance could lead to further price increases.
The next resistance level to watch is $64,450. If the price manages to close above this resistance area, it could continue its upward trajectory towards $65,500.
However, Bitcoin has been struggling to surpass the $62,000 resistance level. Failure to break through could result in a continued downward trend. Immediate support is around $60,850, but the critical level to monitor is $60,000. If the price closes below this level, Bitcoin could retreat to $58,000, potentially leading to further losses and a move towards the support region of $56,500.
Technical indicators suggest bearish momentum, with the hourly MACD in the bearish zone and the hourly RSI for BTC/USD trending below the 50 level, indicating weakness.
In terms of important levels in the market, it is crucial to monitor the $60,850 support level. Breaking the main support level at $60,000 could result in further downward movement. Resistance points at $62,000, $63,200, and $64,450 could impede any price increases for Bitcoin.
Investors should be cautious as cryptocurrencies carry high volatility and risk. Conducting thorough research is essential.
