Bitcoin Dives Below $60K, Why Bulls Could Struggle In Short-Term

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,238,654,526,381	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,238,654,526,381

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-1,064.82	-1.67%	62,674.21	62,659.84	62,663.21

Price Change

Price Change %

Current Price

Bid Price

Offer

-1,064.82

-1.67%

62,674.21

62,659.84

62,663.21

High Price	Low Price	Open Price	Prev. Close	52 Week Range
63,900.00	62,445.06	63,748.82	63,739.03	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

63,900.00

62,445.06

63,748.82

63,739.03

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	02:27:26	0.000242	62,640.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

02:27:26

0.000242

62,640.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
78,165,605.30	1,239.18	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

78,165,605.30

1,239.18

Bitcoin Dives Below $60K, Why Bulls Could Struggle In Short-Term

28/10/2021 4:08am

NEWSBTC

Bitcoin price failed to stay above the $60,000 level against the US Dollar. BTC is consolidating losses and it remains at a risk of more downsides below $58,000. Bitcoin extended its decline below $62,000 and $60,000 support levels. The price is now trading below $60,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $60,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair remains at a risk of more downsides below the $58,000 level in the near term. Bitcoin Price Extends Losses Bitcoin price failed to stay above the key $62,000 and $60,000 support levels. As a result, there was a crucial downside break below $60,000. The price even settled below the $60,000 level and the 100 hourly simple moving average. A low is formed near $58,140 and the price is now consolidating losses. An immediate resistance on the upside is near the $59,500 level. It is near the 23.6% Fib retracement level of the recent drop from the $63,700 swing high to $58,140 low. The first major resistance is near the $60,000 level. The main breakout zone is now forming near the $61,000 level and the 100 hourly SMA. The 50% Fib retracement level of the recent drop from the $63,700 swing high to $58,140 low is also near $60,900. Besides, there is a key bearish trend line forming with resistance near $60,900 on the hourly chart of the BTC/USD. Source: BTCUSD on TradingView.com A clear break above the trend line resistance and then $61,000 may possibly call open the doors for a move towards the $62,000 level. The next major resistance sits near the $64,000 level. More Losses In BTC? If bitcoin fails to clear the $60,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $58,200 level. The first major support is now forming near the $58,000 level. A break below the $58,000 support may possibly push the price towards the $57,200 support zone in the near term. The next key support is near the $56,500 level. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $58,200, followed by $58,000. Major Resistance Levels – $59,500, $60,000 and $60,900.

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