As an experienced financial analyst, I have closely monitored the Bitcoin market for years. Based on the current price action, it appears that Bitcoin is showing bearish signs and might turn more bearish if it settles below the $60,000 support zone.
The price of Bitcoin continued to drop and was now below the $62,500 threshold. Bitcoin’s trend appeared bearish, and a fall below the $60,000 mark could signal further price decreases.
- Bitcoin followed a bearish path and traded below $62,500.
The price is trading below $63,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $62,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend losses and revisit the $60,000 support zone in the near term.
Bitcoin Price Extends Decline
The price of Bitcoin had a hard time holding above the $63,500 mark and experienced further declines. It dropped beneath the $63,000 and $62,500 thresholds. Even more pressure was applied by the bears, pushing the price below $61,200.
At a price of $60,888, a low point was reached and the value is currently holding steady as it recovers from losses. Should an uptrend emerge, overcoming the $62,000 mark or the 23.6% Fibonacci retracement threshold – calculated between the peak of $65,500 and the trough of $60,888 – could pose significant challenges.
As an analyst, I’ve noticed a developing bearish trend line on the hourly chart of Bitcoin (BTC/USD) with resistance at $62,000. Currently, Bitcoin is trading below my marker of $63,000 and has dipped beneath the 100-hour Simple Moving Average as well.
Near the $61,800 mark, there’s strong resistance. The first significant hurdle might be around $62,000. Following that, we have a crucial resistance at $63,200 and the 100-hour SMA, which is close to the 50% Fibonacci retracement level of the recent slide from $65,500 peak to $60,888 low.
The primary challenge for the price lies at the level of $63,800. Overcoming this barrier and moving above it could lead to further gains, potentially pushing the price upward towards $64,450. If we manage to close above this new resistance level, the price may continue climbing, possibly reaching as high as $65,500.
More Downsides In BTC?
Should Bitcoin be unable to surpass the $62,000 mark as a hurdle, there’s a possibility that it may descend further. The nearest support can be found around the $60,850 region.
Should the price fail to hold above $60,000 and fall instead, it may trigger a downward trend towards the next significant support at $58,000. Further losses could potentially push the price towards the vicinity of $56,500 in the short 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 – $60,850, followed by $60,000.
Major Resistance Levels – $62,000, $63,200, and $64,450.
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2024-05-09 06:08