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Bitcoin is deepening its downward trend, currently trading below the $62,000 level. BTC is showing signs of decline and could continue to drop if it falls below $60,000. Recently, Bitcoin has struggled to stay above the $63,500 level, extending its losses. There was a movement below the $63,000 and $62,500 levels, and even bears managed to pull the price down to $61,200.
Can Bitcoin Price Recover Its Losses?
The lowest level occurred around $60,888, and the price is now trying to consolidate these losses. On the hourly chart of the BTC/USD pair, a downward trend line is forming at the $62,000 resistance.
While the immediate resistance is near $61,800, the first major resistance is stated at $62,000. The next key resistance is at $63,200. Currently, the main barrier is at $63,800. If the price surpasses the $63,800 resistance level, it is thought that the price could rise further.
The next resistance is currently at $64,450. If a close above the $64,450 resistance area occurs, it is predicted that the price could continue its upward trend. In this scenario, the price could rise towards $65,500.
Could Bitcoin Drop Below $60,000?
Bitcoin has been notably struggling to rise above the $62,000 resistance level recently. If it cannot break this resistance area, the cryptocurrency could continue its downward trajectory. A drop near the immediate support level of $60,850 is being observed.
However, the critical point to watch is the $60,000 level. If a close below this level occurs, Bitcoin’s price could retreat towards $58,000. In this case, losses could increase, potentially leading to a move towards the support region of $56,500 in the near term. Looking at the technical indicators, the hourly MACD is gaining momentum in the bearish zone. Similarly, the hourly RSI (Relative Strength Index) for BTC/USD is also trending below the 50 level, which could be interpreted as a sign of weakness.
So, what levels are important in the market? Firstly, the $60,850 support level should be closely monitored. Then, there is the main support level at $60,000, which, if broken, could foreseeably lead to a further downward movement. As for resistance points, $62,000, $63,200, and $64,450 are levels that could potentially hinder any price increases for Bitcoin.
