{"id":607666,"date":"2024-05-13T03:34:48","date_gmt":"2024-05-13T03:34:48","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=607666"},"modified":"2024-06-11T11:48:30","modified_gmt":"2024-06-11T11:48:30","slug":"bitcoin-price-bearish-60k","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-price-bearish-60k\/","title":{"rendered":"Bitcoin Price Signals Bearish Continuation, Why BTC Could Drop Below $60K"},"content":{"rendered":"<p><em>Bitcoin price started a fresh decline from the $62,000 resistance zone. BTC is declining and remains at a risk of more losses below the $60,000 level.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline after it failed near $62,000.<\/li>\n<li>The price is trading below $61,000 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break below a bearish flag pattern with support near $60,950 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could gain bearish momentum if there is a close below the $60,000 level.<\/li>\n<\/ul>\n<h2>Bitcoin Price Signals Breakdown<\/h2>\n<p>Bitcoin price found support near the $60,250 zone and started a <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-recovery-63200\/\" target=\"_blank\" rel=\"noopener \">recovery wave<\/a>. BTC was able to recover above the 23.6% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low.<\/p>\n<p>However, the bears were active near the $61,800 resistance zone. They defended the 50% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low. There was a fresh bearish reaction below the $61,200 support zone.<\/p>\n<p>There was a break below a bearish flag pattern with support near $60,950 on the hourly chart of the BTC\/USD pair. Bitcoin is now trading below $61,000 and the <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-bears-pushing-60k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>.<\/p>\n<p>Immediate resistance is near the $61,200 level. The first major resistance could be $62,000 or the 100 hourly Simple moving average. The next key resistance could be $62,500. A clear move above the $62,500 resistance might send the price higher.<\/p>\n<p><a href=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_df25fd.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-607667\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_df25fd.png?resize=1024%2C449\" alt=\"Bitcoin Price\" width=\"1024\" height=\"449\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_df25fd.png?w=1950 1950w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_df25fd.png?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_df25fd.png?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_df25fd.png?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_df25fd.png?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_df25fd.png?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_df25fd.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The main resistance now sits at $63,500. If there is a close above the $63,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000.<\/p>\n<h2>More Downsides In BTC?<\/h2>\n<p>If Bitcoin fails to climb above the $61,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,500 level.<\/p>\n<p>The first major support is $60,000. If there is a close below $60,000, the price could start to drop toward $58,500. Any more losses might send the price toward the $56,650 support zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $60,500, followed by $60,000.<\/p>\n<p>Major Resistance Levels \u2013 $61,200, $62,200, and $62,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a fresh decline from the $62,000 resistance zone. BTC is declining and remains at a risk of more losses below the $60,000 level. Bitcoin started a fresh decline after it failed near $62,000. The price is trading below $61,000 and the 100 hourly Simple moving average. There was a break below a bearish flag pattern with support near $60,950 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could gain bearish momentum if there is a close below the $60,000 level. Bitcoin Price Signals Breakdown Bitcoin price found support near the $60,250 zone and started a recovery wave. BTC was able to recover above the 23.6% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low. However, the bears were active near the $61,800 resistance zone. They defended the 50% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low. There was a fresh bearish reaction below the $61,200 support zone. There was a break below a bearish flag pattern with support near $60,950 on the hourly chart of the BTC\/USD pair. Bitcoin is now trading below $61,000 and the 100 hourly Simple moving average. Immediate resistance is near the $61,200 level. The first major resistance could be $62,000 or the 100 hourly Simple moving average. The next key resistance could be $62,500. A clear move above the $62,500 resistance might send the price higher. Source: BTCUSD on TradingView.com The main resistance now sits at $63,500. If there is a close above the $63,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000. More Downsides In BTC? If Bitcoin fails to climb above the $61,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,500 level. The first major support is $60,000. If there is a close below $60,000, the price could start to drop toward $58,500. Any more losses might send the price toward the $56,650 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $60,500, followed by $60,000. Major Resistance Levels \u2013 $61,200, $62,200, and $62,500.<\/p>\n","protected":false},"author":67,"featured_media":549672,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-607666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Signals Bearish Continuation, Why BTC Could Drop Below $60K<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a fresh decline from the $62,000 resistance zone. 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