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Bitcoin Price Faces Potential Dive: Key Support Levels to Monitor

Bitcoin price failed to recover above the $62,500 resistance zone. BTC is showing bearish signs and might decline again below the $60,000 support.

  • Bitcoin struggled to recover above the $62,200 and $62,500 levels.
  • The price is trading below $62,000 and the 100 hourly Simple moving average.
  • There is a major bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might start another decline unless there is a close above the $62,000 resistance zone.

Bitcoin Price Remains At Risk

Bitcoin price started a recovery wave above the $61,200 zone. BTC even attempted a move above the $62,000 resistance zone. However, the bears were active near the $62,500 zone.

A high was formed at $62,454 and the price is now moving lower. There was a move below the $61,500 level. The price declined below the 23.6% Fib retracement level of the upward move from the $58,448 swing low to the $62,454 high.

Bitcoin price is trading below $62,000 and the 100 hourly Simple moving average. There is also a major bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair.

The price is now stable above the 50% Fib retracement level of the upward move from the $58,448 swing low to the $62,454 high. If there is another increase, the price could face resistance near the $61,500 level. The first key resistance is near the $61,850 level and the trend line.

The next key resistance could be $62,000. A clear move above the $62,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,500 resistance. Any more gains might send BTC toward the $63,500 resistance in the near term.

More Losses In BTC?

If Bitcoin fails to climb above the $62,000 resistance zone, it could start another decline. Immediate support on the downside is near the $60,450 level.

The first major support is $60,000. The next support is now forming near $59,500. Any more losses might send the price toward the $58,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining 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 – $62,000, and $62,500.

SOURCE

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