Why Bitcoin can be corrected below $60,000 in the short term

The price of Bitcoin started a downward correction from much higher than 64,000 USD against the USD. BTC may extend its decline below the $60,000 support level in the short term.

  • Bitcoin failed to stay above $62,000 and continued its decline.
  • The price is now below $62,000 and the 100-hour simple moving average.
  • A key bearish trend line was formed on the hourly chart of the BTC/USD currency pair, with resistance near $62,300 (data feed from Kraken).
  • The currency pair may continue to fall below the USD 60,500 and USD 60,000 support levels.

Bitcoin price remains at risk

Bitcoin price tries to clear 64,000 USD resistanceHowever, BTC failed to gain strength and started a new decline. The bears have strengthened and were able to push the price below the $62,500 support area.

The price even closed below $62,000, 100 hour simple moving averageA low was formed near $59,824, and the price is now trying to stay in the positive zone. It is testing the 23.6% Fibonacci retracement of the recent fall from the swing high of $63,700 to the low of $59,824.

It is currently facing resistance near USD 60,800 and USD 61,000. The first major resistance is near the $61,750 level and the 100-hour moving average. The 50% Fibonacci retracement level of the recent swing high of $63,700 to a low of $59,824 is also close to $61,800.

Source: BTCUSD on TradingView.com

The main breakthrough resistance is forming near 62,000 USD. On the hourly chart of the BTC/USD currency pair, there is also a key bearish trend line formed, with resistance at 62,300 USD. A clear break of trend line resistance and then $62,500 may open the door to the $63,200 level. The next major resistance is near $64,000.

BTC loses more?

If Bitcoin fails to break through the $62,000 resistance zone, it may continue to fall. The immediate support for the downside is around $60,000.

The first major support level is now formed near $59,500. A break below the $59,500 support level may push the price to the $58,000 support level in the short term.

Technical index:

Hourly MACD-MACD is slowly accelerating in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

The main support level is 60,000 USD, then 59,500 USD.

The main resistance levels – 61,200 USD, 62,000 USD and 62,300 USD.

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