Bitcoin continues to face downward momentum, with its price recently slipping below the critical $60,000 mark. The cryptocurrency, which once soared past $62,000, now struggles to find footing and might slide further towards the $56,500 support level.
The bearish trend intensified as Bitcoin lost ground from the $62,000 support level, trading beneath both the $62,000 mark and the 100 hourly Simple Moving Average. A key bearish trend line appears to be forming resistance around the $61,500 mark on the BTC/USD hourly chart.
After failing to maintain stability above $62,500, bears drove the price down past $61,200 and below $60,000, touching a low of $58,009. While there was a brief recovery, with Bitcoin clawing back to $58,500 and $59,000 levels, the ascent was limited, approaching the 23.6% Fibonacci retracement level from the $65,070 peak to the recent $58,009 low.
Currently, Bitcoin trades under $61,500 and the 100 hourly SMA. Resistance is evident near the $59,800 mark, with major resistance hovering around $60,000. A decisive move above this could pave the way for a further rise, potentially testing the $61,500 resistance level. This line aligns closely with the 50% Fibonacci retracement level, making it a critical point for bullish momentum.
However, if Bitcoin fails to overcome the $60,000 resistance zone, the bearish trend may continue. Immediate support lies near $58,500, followed by significant backing at $58,000. The next support stands at $57,650, and any further losses could drive the price toward the $56,500 support level.
Technical indicators reveal a growing bearish momentum, with the hourly MACD gaining pace in the negative zone and the RSI dipping below the 50 level. Major support levels to watch are $58,500 and $58,000, while resistance levels are at $60,000 and $61,500.
