Bitcoin Price Extends Decline and Shows Bearish Signs
Is Bitcoin Headed for a Bearish Trend? Here’s What the Charts Say
Bitcoin, the king of cryptocurrencies, has been on a rollercoaster ride in the past few days. After struggling to stay above the $63,500 mark, BTC price has extended its losses and is now trading below $62,500. The bears seem to be in control, and if Bitcoin settles below $60,000, we might see a further decline.
Technical Analysis
The hourly chart of the BTC/USD pair shows a connecting bearish trend line with resistance at $62,000. Bitcoin is currently trading below $63,000 and the 100 hourly Simple moving average, indicating bearish sentiment in the market.
- Bitcoin followed a bearish path and traded below $62,500.
- The price is trading below $63,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $62,000 on the hourly chart.
- The pair could extend losses and revisit the $60,000 support zone in the near term.
If Bitcoin manages to initiate a recovery wave, it might face resistance at $62,000 and the 23.6% Fib retracement level of the recent decline. The immediate resistance is near $61,800, followed by major resistance at $63,200 and the 100 hourly Simple moving average.
What to Watch Out For
The key resistance levels to monitor are $62,000, $63,200, and $64,450. A clear move above $63,800 could signal a bullish trend, while failure to break above $62,000 might lead to more downside movement.
If Bitcoin fails to climb above $62,000, it could continue its downward trajectory. Immediate support lies at $60,850, followed by a major support level at $60,000. A close below $60,000 could trigger a drop towards $58,000 and potentially $56,500 in the near term.
Conclusion
Bitcoin’s price action suggests a bearish trend in the short term, with key support and resistance levels to watch out for. Traders should stay vigilant and monitor the market closely for potential entry or exit points.
Disclaimer: The above analysis is for informational purposes only and should not be construed as financial advice. Cryptocurrency trading carries risks, and traders should conduct their own research before making any investment decisions.
