Bitcoin price extended losses and traded below the $62,500 zone. BTC is showing bearish signs and might turn bearish if it settles below $60,000.
- Bitcoin followed a bearish path and traded below $62,500.
- The price is trading below $63,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $62,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses and revisit the $60,000 support zone in the near term.
Bitcoin Price Extends Decline
Bitcoin price struggled to stay above the $63,500 zone and extended losses. There was a move below the $63,000 and $62,500 levels. The bears even pushed it below $61,200.
A low was formed at $60,888 and the price is now consolidating losses. If there is a recovery wave, the price might struggle to clear the $62,000 resistance or the 23.6% Fib retracement level of the recent decline from the $65,500 swing high to the $60,888 low.There is also a connecting bearish trend line forming with resistance at $62,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $63,000 and the 100 hourly Simple moving average.
Immediate resistance is near the $61,800 level. The first major resistance could be $62,000. The next key resistance could be $63,200 and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $65,500 swing high to the $60,888 low.
