{"id":475050,"date":"2021-11-01T03:08:13","date_gmt":"2021-11-01T03:08:13","guid":{"rendered":"https:\/\/wncen.com\/?p=475050"},"modified":"2024-06-11T13:59:56","modified_gmt":"2024-06-11T13:59:56","slug":"bitcoin-price-dips-60k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-dips-60k\/","title":{"rendered":"Bitcoin Price Dips, Why BTC Could Dive Below $60K"},"content":{"rendered":"
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.<\/em><\/p>\n Bitcoin price attempted an upside break above the $62,500 resistance<\/a> level. However, BTC failed to gain strength above $62,500. A high was formed near $62,950 and started a fresh decline.<\/p>\n 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<\/a>.<\/p>\n The pair even spiked below the 50% Fib retracement level of the upward move from the $58,140 swing low to $62,950 high. On the upside, an immediate resistance is near the $61,000 level.<\/p>\n <\/a><\/p>\n 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.<\/p>\n If bitcoin fails to clear the $62,000 resistance zone, it could extend its decline. An immediate support on the downside is near the $60,200 level. The first major support is now forming near the $60,000 level.<\/p>\n It is near the 61.8% Fib retracement level of the upward move from the $58,140 swing low to $62,950 high. A break below the $60,000 support may possibly spark a sharp decline. The next key support is near the $58,500 level. Any more losses might call for a move towards the $55,000 level.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n Major Support Levels \u2013 $60,200, followed by $60,000.<\/p>\n Major Resistance Levels \u2013 $61,200, $62,000 and $62,500.<\/p>\n","protected":false},"excerpt":{"rendered":" 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. The pair even spiked below the 50% Fib retracement level of the upward move from the $58,140 swing low to $62,950 high. On the upside, an immediate resistance is near the $61,000 level. Source: BTCUSD on TradingView.com 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. More Losses In BTC? If bitcoin fails to clear the $62,000 resistance zone, it could extend its decline. An immediate support on the downside is near the $60,200 level. The first major support is now forming near the $60,000 level. It is near the 61.8% Fib retracement level of the upward move from the $58,140 swing low to $62,950 high. A break below the $60,000 support may possibly spark a sharp decline. The next key support is near the $58,500 level. Any more losses might call for a move towards the $55,000 level. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $60,200, followed by $60,000. Major Resistance Levels \u2013 $61,200, $62,000 and $62,500.<\/p>\n","protected":false},"author":67,"featured_media":463748,"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-475050","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\n
Bitcoin Price Faces Resistance<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
More Losses In BTC?<\/h2>\n