Why Bitcoin Could Correct Lower Below $60K In Near-Term

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,169,980,575,014	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,169,980,575,014

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	461.62	0.78%	59,584.99	59,582.81	59,582.82

Price Change

Price Change %

Current Price

Bid Price

Offer

461.62

0.78%

59,584.99

59,582.81

59,582.82

High Price	Low Price	Open Price	Prev. Close	52 Week Range
60,016.90	58,821.05	59,076.58	59,121.20	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

60,016.90

58,821.05

59,076.58

59,121.20

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	06:43:19	0.000391	59,582.82	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

06:43:19

0.000391

59,582.82

USD

Price x Volume	Volume	Base Symbol	Related Pairs
149,252,978.45	2,506.90	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

149,252,978.45

2,506.90

Why Bitcoin Could Correct Lower Below $60K In Near-Term

27/10/2021 4:08am

NEWSBTC

Bitcoin price started a downside correction from well above $64,000 against the US Dollar. BTC could extend its decline below the $60,000 support in the near term. Bitcoin failed to stay above $62,000 and extended its decline. The price is now trading below $62,000 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $62,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend decline below the $60,500 and $60,000 support levels. Bitcoin Price Remains At Risk Bitcoin price tried to clear the $64,000 resistance level. However, BTC failed to gain strength and started a fresh decline. The bears gained strength and were able to push the price below the $62,500 support zone. The price even settled below the $62,000 level and the 100 hourly simple moving average. A low is formed near $59,824 and the price is now struggling to stay in a positive zone. It is testing the 23.6% Fib retracement level of the recent decline from the $63,700 swing high to $59,824 low. It is currently facing resistance near the $60,800 and $61,000 levels. The first major resistance is near the $61,750 level and the 100 hourly SMA. The 50% Fib retracement level of the recent decline from the $63,700 swing high to $59,824 low is also near $61,800. Source: BTCUSD on TradingView.com The main breakout resistance is now forming near the $62,000 level. There is also a crucial bearish trend line forming with resistance near $62,300 on the hourly chart of the BTC/USD pair. A clear break above the trend line resistance and then $62,500 may possibly call open the doors for a move towards the $63,200 level. The next major resistance sits near the $64,000 level. More Losses In BTC? If bitcoin fails to clear the $62,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $60,000 level. The first major support is now forming near the $59,500 level. A break below the $59,500 support may possibly push the price towards the $58,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is slowly 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 – $60,000, followed by $59,500. Major Resistance Levels – $61,200, $62,000 and $62,300.

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