Bitcoin price recently faced a strong decline below $60,000, signaling a possible short-term downtrend. The cryptocurrency struggled to recover above the $63,500 level and started to drop again. The price is currently trading below $61,500 and the 100 hourly simple moving average, indicating potential further downside movement. There is a key bearish trend line forming with resistance at $62,400 on the hourly chart of the BTC/USD pair, showing that the pair might face hurdles near the $62,000 resistance zone.
The recent nosedive in Bitcoin price saw it fail to climb above the $62,550 resistance level, leading to a sharp decline below key support levels. The price dropped below $61,500 and the 100 hourly simple moving average, reaching a low at $58,448 before starting to correct losses. While there was a minor increase above the $59,800 level, the price is still struggling to gain momentum and could face resistance near the $61,500 level. The first major resistance could be at $62,150 or the 50% Fib retracement level, with the next key resistance at $62,500 and a bearish trend line forming at $62,400 on the hourly chart of the BTC/USD pair.
A clear move above the $62,500 resistance might signal a potential steady increase in Bitcoin price, pushing it towards the $63,500 resistance level and possibly even higher to $65,000 in the near future. However, if Bitcoin fails to break above the $62,500 resistance zone, it could continue to move downwards. Immediate support is near $61,200, with major support levels at $60,000 and $58,500. Further losses might send the price towards the $57,000 support zone in the short term.
Technical indicators for Bitcoin price show that the hourly MACD is gaining pace in the bearish zone, while the hourly RSI for BTC/USD is below the 50 level. This indicates a potential for further downside movement in the near term unless Bitcoin is able to break above key resistance levels. Overall, Bitcoin price is currently facing bearish pressure and struggling to climb higher, with potential hurdles near the $62,000 resistance zone. Traders and investors should monitor key support and resistance levels to gauge the future direction of Bitcoin price in the coming days.