Bitcoin price failed to stay above the $62,000 support against the US Dollar. BTC could decline heavily if it breaks the $60,000 support zone in the near term.
- Bitcoin failed to surpass $62,500 and started a fresh decline.
- The price is now trading below $62,000 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate lower if there is a clear break below $60,000.
Bitcoin Price Faces Resistance
Bitcoin price attempted an upside break above the $62,500 resistance level. However, BTC failed to gain strength above $62,500. A high was formed near $62,950 and started a fresh decline.
There was a clear break below the $61,200 and $61,000 support levels. There was also a break below a key bullish trend line with support near $61,500 on the hourly chart of the BTC/USD pair. It is now trading below $62,000 and the 100 hourly simple moving average.
Source:The first major resistance is near the $61,200 level and the 100 hourly SMA. A clear break above $61,200 resistance may possibly call open the doors for a move towards the $62,000 level. The next major resistance sits near the $62,500 level. A close above $62,500 might start a steady increase.