Bitcoin Price Still At Risk of Major Downside Break Below $60K

Bitcoin price is showing bearish signs below the $63,000 resistance zone. BTC must stay above the $60,000 support zone to avoid a major decline.

• Bitcoin is still struggling to start a recovery wave above the $63,000 resistance zone.
• The price is trading below $62,800 and the 100 hourly Simple moving average.
• There was a break below a connecting bullish trend line with support at $62,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bearish momentum if it settles below the $60,000 support zone.

Bitcoin price started another increase above the $61,500 resistance zone. BTC cleared the $62,500 and $63,000 resistance levels. It even spiked above $64,000 but failed to surpass the key level at $65,000.

A high was formed at $64,142 before there was a sharp decline. There was a break below a connecting bullish trend line with support at $62,400 on the hourly chart of the BTC/USD pair. It dived below the $60,800 level and retested $59,650.

A low was formed near $59,666 and the price is now attempting a fresh recovery wave. The price climbed above the 23.6% Fib retracement level of the recent decline from the $64,142 swing high to the $59,666 low.

Bitcoin price is trading below $62,800 and the 100 hourly Simple moving average. Immediate resistance is near the $62,000 level. It is close to the 50% Fib retracement level of the recent decline from the $64,142 swing high to the $59,666 low.

The first major resistance could be $63,000. The next resistance now sits at $64,200. If there is a clear move above the $64,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000.

Source: BTCUSD on TradingView.com

The next major resistance is near the $66,500 zone. Any more gains might send Bitcoin toward the $67,500 resistance zone in the near term.

If Bitcoin fails to rise above the $62,000 resistance zone, it could start another decline. Immediate support on the downside is near the $60,800 level.

The first major support is $60,000. If there is a close below $60,000, the price could start to drop toward the $59,550 level. Any more losses might send the price toward the $58,500 support zone in the near term.

Technical indicators:

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

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

Major Support Levels – $60,800, followed by $60,000.

Major Resistance Levels – $62,000, $63,000, and $64,200.