Bitcoin Price Signals Bearish Continuation, Why BTC Could Drop Below $60K

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,341,151,132,628	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,341,151,132,628

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-155.56	-0.23%	68,355.42	68,355.63	68,357.40

Price Change

Price Change %

Current Price

Bid Price

Offer

-155.56

-0.23%

68,355.42

68,355.63

68,357.40

High Price	Low Price	Open Price	Prev. Close	52 Week Range
69,273.07	68,210.12	68,495.84	68,510.98	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

69,273.07

68,210.12

68,495.84

68,510.98

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	12:52:13	0.000738	68,357.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

12:52:13

0.000738

68,357.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
90,093,531.83	1,312.95	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

90,093,531.83

1,312.95

Bitcoin Price Signals Bearish Continuation, Why BTC Could Drop Below $60K

13/05/2024 4:34am

NEWSBTC

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 – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $60,500, followed by $60,000. Major Resistance Levels – $61,200, $62,200, and $62,500.

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