Bitcoin price extended decline below the $60k support against the US Dollar. BTC could extend losses towards $55k in the coming sessions.
- Bitcoin started a fresh decline below the $65k and $62k support levels.
- The price is now trading below $60,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses below the $58,500 and $57,500 support levels in the near term.
Bitcoin Price Gains Bearish Momentum
Bitcoin price started a fresh decline from well above the $65,000 zone. BTC traded below the key $65,000 support level to enter a bearish zone.
There was a clear break below the $62,000 support and the 100 hourly simple moving average. Finally, the price traded below the main $60,000 support zone. A low is formed near $58,630 and the price is now consolidating losses.
On the upside, an immediate resistance is near the $60,000 level. The first major resistance is near the $60,450 level. It is close to the 23.6% Fib retracement level of the key decline from the $66,350 swing high to $58,630 low. There is also a key bearish trend line forming with resistance near $61,000 on the hourly chart of the BTC/USD pair. A clear break above $61,000 resistance may possibly call open the doors for a steady recovery. The next major resistance sits near the $62,500 level.
Source:The 50% Fib retracement level of the key decline from the $66,350 swing high to $58,630 low is also near the $62,500 level to act as a key hurdle. A move above the $62,500 level might start a fresh rally.