Bitcoin Dives, Breaks $60K: Market Reels From Sharp Decline
![Bitcoin Dives, Breaks $60K: Market Reels From Sharp Decline](https://i0.wp.com/www.cryptobreaking.com/wp-content/uploads/2024/06/bitcoin-dives-breaks-60k-market-reels-from-sharp-decline.png?fit=1024%2C461&ssl=1)
Bitcoin price gained bearish momentum and traded below $60,000. BTC is signaling a short-term downtrend and might face hurdles near $62,000.
- Bitcoin started a fresh decline from the $62,550 resistance level.
- The price is trading below $61,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance at $62,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but upsides might be limited above the $62,000 resistance zone.
Bitcoin Price Nosedives
Bitcoin price failed to recover above the $63,500 level. BTC struggled above $63,000 and started another decline. There was a strong decline below the $62,000 and $61,500 levels.
The price even declined below the $60,000 level. A low was formed at $58,448 and the price is now correcting losses. There was a minor increase above the $59,800 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $64,460 swing high to the $58,448 low.
Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. If there is a recovery wave, the price could face resistance near the $61,500 level.
The first major resistance could be $62,150 or the 50% Fib retracement level of the downward move from the $64,460 swing high to the $58,448 low. The next key resistance could be $62,500. There is also a key bearish trend line forming with resistance at $62,400 on the hourly chart of the BTC/USD pair.
A clear move above the $62,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $63,500 resistance. Any more gains might send BTC toward the $65,000 resistance in the near term.
Another Drop In BTC?
If Bitcoin fails to climb above the $62,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,200 level.
The first major support is $60,000. The next support is now forming near $58,500. Any more losses might send the price toward the $57,000 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 $61,200, followed by $60,000.
Major Resistance Levels $62,150, and $62,500.
Source: NewsBTC.com
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