Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price is consolidating above the $60,000 support. BTC could aim for a fresh increase unless there is a close below the $60,000 support.
- Bitcoin is consolidating above the $60,000 support zone.
- The price is trading below $61,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $60,000 support zone.
Bitcoin Price Starts Consolidation
Bitcoin price extended its decline from the $62,350 resistance. BTC broke the $62,000 and $61,500 support levels to move into a short-term bearish zone. The price even dipped below $60,500.
A low was formed at $60,000 and the price is now consolidating losses. There was a minor increase above the $60,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low.
Bitcoin is now trading below $61,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,250 level. The first key resistance is near the $61,500 level. There is also a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair.
The trend line is close to the 61.8% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low. A clear move above the $61,500 resistance might send the price higher. The next key resistance could be $62,500.
A close above the $62,500 resistance might spark more upsides. In the stated case, the price could rise and test the $63,200 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 $61,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,500 level.
The first major support is near the $60,000 level. The next support is now near the $59,200 zone. Any more losses might send the price toward the $58,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $60,500, followed by $60,000.
Major Resistance Levels – $61,500, and $62,500.
