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{"id":647235,"date":"2024-10-10T02:37:40","date_gmt":"2024-10-10T02:37:40","guid":{"rendered":"https:\/\/www.wncen.com\/?p=647235"},"modified":"2024-10-10T02:37:40","modified_gmt":"2024-10-10T02:37:40","slug":"bitcoin-price-decline-60k","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/analysis\/btc\/bitcoin-price-decline-60k\/","title":{"rendered":"Bitcoin Price Extends Decline: Can $60K Serve as a Lifeline?"},"content":{"rendered":"

Bitcoin price extended losses and traded below the $61,850 zone. BTC is now holding the $60,000 support, but it remains at risk.<\/em><\/p>\n

\n
Bitcoin is struggling to start a fresh increase above $62,850 zone.<\/li>\n
The price is trading below $62,000 and the 100 hourly Simple moving average.<\/li>\n
There is a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could gain bearish momentum if there is a close below the $60,000 zone.<\/li>\n<\/ul>\n
Bitcoin Price Dips Further<\/h2>\n
Bitcoin price failed to start a fresh increase above $63,000 and started a fresh decline<\/a>. BTC traded below the $62,500 and $61,500 levels. It even broke the $60,500 support.<\/p>\n
A low was formed at $60,300 and the price is now consolidating losses. There was a minor increase above the $60,550 level. However, the price is still well below the 23.6% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low.<\/p>\n
Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $61,200 level. There is also a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC\/USD pair.<\/p>\n
The first key resistance is near the $62,350 level or the 50% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low. A clear move above the $62,350 resistance might send the price higher. The next key resistance could be $63,200.<\/p>\n
$\"Bitcoin$ <\/a>
Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
A close above the $63,200 resistance might initiate more gains. In the stated case, the price could rise and test the $64,000 resistance level. Any more gains might send the price toward the $65,000 resistance level.<\/p>\n
More Losses In BTC?<\/h2>\n
If Bitcoin fails to rise above the $61,250 resistance zone, it could start another decline. Immediate support on the downside is near the $60,300 level.<\/p>\n
The first major support is near the $60,000 level. The next support is now near the $59,500 zone. Any more losses might send the price toward the $58,400 support in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now 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 $60,300, followed by $60,000.<\/p>\n
Major Resistance Levels \u2013 $61,250, and $62,350.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price extended losses and traded below the $61,850 zone. BTC is now holding the $60,000 support, but it remains at risk. Bitcoin is struggling to start a fresh increase above $62,850 zone. The price is trading below $62,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could gain bearish momentum if there is a close below the $60,000 zone. Bitcoin Price Dips Further Bitcoin price failed to start a fresh increase above $63,000 and started a fresh decline. BTC traded below the $62,500 and $61,500 levels. It even broke the $60,500 support. A low was formed at $60,300 and the price is now consolidating losses. There was a minor increase above the $60,550 level. However, the price is still well below the 23.6% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low. Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $61,200 level. There is also a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC\/USD pair. The first key resistance is near the $62,350 level or the 50% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low. A clear move above the $62,350 resistance might send the price higher. The next key resistance could be $63,200. A close above the $63,200 resistance might initiate more gains. In the stated case, the price could rise and test the $64,000 resistance level. Any more gains might send the price toward the $65,000 resistance level. More Losses In BTC? If Bitcoin fails to rise above the $61,250 resistance zone, it could start another decline. Immediate support on the downside is near the $60,300 level. The first major support is near the $60,000 level. The next support is now near the $59,500 zone. Any more losses might send the price toward the $58,400 support in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now 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 $60,300, followed by $60,000. Major Resistance Levels \u2013 $61,250, and $62,350.<\/p>\n","protected":false},"author":67,"featured_media":647237,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83361],"tags":[428,679,1144,78790,76835],"class_list":["post-647235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Price Extends Decline: Can $60K Serve as a Lifeline?<\/title>\n<meta name=\"description\" content=\"Bitcoin price extended losses and traded below the $61,850 zone. 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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. 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