{"id":476683,"date":"2021-11-18T03:08:22","date_gmt":"2021-11-18T03:08:22","guid":{"rendered":"https:\/\/wncen.com\/?p=476683"},"modified":"2024-06-11T14:00:24","modified_gmt":"2024-06-11T14:00:24","slug":"bitcoin-consolidates-losses-62-5k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-consolidates-losses-62-5k\/","title":{"rendered":"Bitcoin Consolidates Losses, Why Recovery Could Fade Near $62.5K"},"content":{"rendered":"<p><em>Bitcoin price started an upside correction above $60,000 against the US Dollar. BTC could recover further, but the bears might remain active near $62,500.<\/em><\/p>\n<ul>\n<li>Bitcoin is still trading well below the $62,000 and $62,500 resistance levels.<\/li>\n<li>The price is now trading below $62,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a major bearish trend line with resistance near $60,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could recover towards $62,500, where the bears might take a stand.<\/li>\n<\/ul>\n<h2>Bitcoin Price Turns Red<\/h2>\n<p>Bitcoin price <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-turns-red-55k\/\" target=\"_blank\" rel=\"noopener \">extended decline<\/a> below the $62,000 support zone. BTC even traded below the $60,000 support level and settled below the 100 hourly simple moving average.<\/p>\n<p>Finally, the price traded as low as $58,630 and is now consolidating losses. There was a minor recovery wave above the $59,500 and $60,000 levels. There was a break above the 23.6% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low.<\/p>\n<p>On the upside, an immediate resistance is near the $60,700 level. There is also a major bearish trend line with resistance near $60,700 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>A proper close above the $60,700 level could set the tone for a larger increase. The first <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-bears-are-back-60k\/\" target=\"_blank\" rel=\"noopener \">major resistance<\/a> is near the $62,500 level. It is close to the 50% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-13.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-476684\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-13.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-13.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-13.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-13.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-13.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-13.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-13.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-13.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>If the bulls push the price towards $62,500, the bears are likely to take a stand. Any more gains could open the doors for a move towards the $63,200 level.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to recover above the $61,200 resistance zone, it could extend decline. An immediate support on the downside is near the $59,500 level.<\/p>\n<p>The first major support is now forming near the $59,200 level. The next major support is near the $58,500 level, below which the bears might aim a more downsides. In the stated case, the price may perhaps slide towards the $55,000 support zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $59,200, followed by $58,500.<\/p>\n<p>Major Resistance Levels \u2013 $60,700, $61,200 and $62,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started an upside correction above $60,000 against the US Dollar. BTC could recover further, but the bears might remain active near $62,500. Bitcoin is still trading well below the $62,000 and $62,500 resistance levels. The price is now trading below $62,000 and the 100 hourly simple moving average. There is a major bearish trend line with resistance near $60,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could recover towards $62,500, where the bears might take a stand. Bitcoin Price Turns Red Bitcoin price extended decline below the $62,000 support zone. BTC even traded below the $60,000 support level and settled below the 100 hourly simple moving average. Finally, the price traded as low as $58,630 and is now consolidating losses. There was a minor recovery wave above the $59,500 and $60,000 levels. There was a break above the 23.6% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low. On the upside, an immediate resistance is near the $60,700 level. There is also a major bearish trend line with resistance near $60,700 on the hourly chart of the BTC\/USD pair. A proper close above the $60,700 level could set the tone for a larger increase. The first major resistance is near the $62,500 level. It is close to the 50% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low. Source: BTCUSD on TradingView.com If the bulls push the price towards $62,500, the bears are likely to take a stand. Any more gains could open the doors for a move towards the $63,200 level. More Losses in BTC? If bitcoin fails to recover above the $61,200 resistance zone, it could extend decline. An immediate support on the downside is near the $59,500 level. The first major support is now forming near the $59,200 level. The next major support is near the $58,500 level, below which the bears might aim a more downsides. In the stated case, the price may perhaps slide towards the $55,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just above the 50 level. Major Support Levels \u2013 $59,200, followed by $58,500. Major Resistance Levels \u2013 $60,700, $61,200 and $62,500.<\/p>\n","protected":false},"author":67,"featured_media":464592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-476683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Consolidates Losses, Why Recovery Could Fade Near $62.5K<\/title>\n<meta name=\"description\" content=\"Bitcoin price started an upside correction above $60,000 against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Consolidates Losses, Why Recovery Could Fade Near $62.5K","url":"http:\/\/wncen.com\/news\/bitcoin-consolidates-losses-62-5k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-consolidates-losses-62-5k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_1146095702-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_1146095702-scaled.jpg?fit=2560%2C1810"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-11-18T03:08:22Z","datePublished":"2021-11-18T03:08:22Z","dateModified":"2024-06-11T14:00:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Consolidates Losses, Why Recovery Could Fade Near $62.5K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-consolidates-losses-62-5k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-consolidates-losses-62-5k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_1146095702-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_1146095702-scaled.jpg?fit=2560%2C1810\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-11-18T03:08:22Z\",\"datePublished\":\"2021-11-18T03:08:22Z\",\"dateModified\":\"2024-06-11T14:00:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_1146095702-scaled.jpg?fit=2560%2C1810","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/476683"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=476683"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/476683\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/464592"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=476683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=476683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=476683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}