Bitcoin price has taken a hit and is now hovering below $60,000, signaling potential further downside risks in the immediate future.
- Bitcoin has extended its losses and slipped below the key $60,000 mark.
- Trading below $59,000 and the 100 hourly Simple Moving Average, the price faces significant pressure.
- A bearish trend line with resistance at $58,000 is forming on the BTC/USD hourly chart.
- With a daily close below $60,000, the pair remains vulnerable to continued downward movement.
Bitcoin Price Takes a Dive
Bitcoin’s price trajectory remains bearish as it broke below the $60,500 support level and has now settled below $60,000, entering a short-term bearish phase.
The price nosedived below $58,000, hitting a low of $56,378 and is currently consolidating losses. A minor uptick towards $58,000 and the 23.6% Fib retracement level signals some respite.
Trading under $58,500 and the 100 hourly Simple Moving Average, immediate resistance lies near $58,000, compounded by a strong bearish trend line at the same level on the BTC/USD chart.
Potential resistances stand at $59,200 and $60,500, respectively, with a breakout above $60,500 paving the way for a possible ascent towards $63,500.
Is BTC Heading for More Losses?
If Bitcoin fails to breach the $58,500 resistance hurdle, downside continuation is likely. Initial support is seen near $57,000, followed by a major level at $56,500.
A close below $56,500 might trigger a further decline towards $55,000, with a worst-case scenario leading to the $53,500 support zone.
Technical Indicators:
Hourly MACD – Momentum is currently tilting towards the bearish side.
Hourly RSI – The Relative Strength Index for BTC/USD has dropped below the crucial 50 level.
Key Levels to Watch:
Support: $57,000, $56,500
Resistance: $58,500, $60,500, $61,500
Disclaimer: This article is meant for informational purposes only. NewsBTC does not provide financial advice. Always conduct your own research before making investment decisions.
