Bitcoin Bears Continue to Push, Potential Bearish Scenario Below $60K
Bitcoin price has been experiencing a downward trend, falling below the $62,500 level. The current bearish signs suggest that BTC might turn even more bearish if it fails to stay above $60,000.
Over the past few trading sessions, Bitcoin has faced increasing selling pressure, leading to a drop below both the $63,000 level and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair from Kraken, a bearish trend line is forming with resistance at $62,000.
At present, Bitcoin is trading below the $63,000 level and the 100 hourly Simple Moving Average, implying a possible continuation of the downward trend. The immediate resistance point is estimated to be around $61,800, with the first major resistance level expected at $62,000. Subsequently, the $63,200 level and the 100 hourly Simple Moving Average could pose as key resistance levels.
On the upside, the major hurdle currently lies at $63,800, and a decisive move above this resistance could propel the price higher. This could lead to further resistance at $64,450, and in the event of a close above that level, the price may continue to surge towards $65,500.
Conversely, if Bitcoin fails to breach the $62,000 resistance zone, it could experience further downtrend momentum. The immediate support level on the downside is anticipated to be around $60,850, followed by the crucial support at $60,000. A potential close below $60,000 may result in a drop towards the $58,000 level. Further losses could push the price towards the $56,500 support zone in the near term.
Technical indicators indicate a bearish trend, with the hourly MACD gaining momentum in the bearish zone. Additionally, the hourly Relative Strength Index (RSI) for BTC/USD is currently below the 50 level, indicating a negative sentiment.
Disclaimer: This article is for educational purposes only and does not constitute financial advice. Trading cryptocurrencies involves risks, and individuals should conduct their own research before making any investment decisions. Trading activities should be undertaken at one’s own risk.