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Bitcoin Bears Are Back, Why BTC Could Even Dive Below $60K

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Bitcoin 11
16
Nov

Bitcoin price failed to settle above $65,000 against the US Dollar. BTC started a fresh decline, and it might extend losses below the $60,000 support.

  • Bitcoin started a fresh decline from the $66,400 resistance zone.
  • The price is now trading well below $65,000 and the 100 hourly simple moving average.
  • There was a break below a major rising channel with support near $64,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses below the $61,200 and $60,500 support levels in the near term.

Bitcoin Price Starts Fresh Decline

Bitcoin price failed to gain strength above the $66,000 resistance zone. BTC topped near $66,400 and started a fresh decline. There was a major decline below the $65,000 support level and the 100 hourly simple moving average.

The price even traded below the $63,500 and $63,000 support levels. Besides, there was a break below a major rising channel with support near $64,400 on the hourly chart of the BTC/USD pair. The bears gained momentum for a move below the $62,000 support zone.

A low is formed near $61,126 and the price is now consolidating losses. On the upside, an immediate resistance is near the $62,000 level. The first major resistance is near the $62,400 level. It is close to the 23.6% Fib retracement level of the recent decline from the $66,349 swing high to $61,126 low.

A clear break above $62,400 resistance may possibly call open the doors for a steady recovery. The next major resistance sits near the $63,000 level. The main breakout resistance is now forming near the $63,750 level.

Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $66,349 swing high to $61,126 low is also near the $63,750 level to act as a key hurdle.

More Losses in BTC?

If bitcoin fails to recover above the $63,000 resistance zone, it could extend decline. An immediate support on the downside is near the $61,200 level.

The first major support is now forming near the $61,000 level. The next major support is near the $60,000 level, below which the bulls could struggle to keep the price in the green zone in the short-term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the oversold zone.

Major Support Levels – $61,200, followed by $60,000.

Major Resistance Levels – $62,400, $63,000 and $63,750.

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