Bitcoin price extended losses and settled below $60,000. BTC is now consolidating losses near $58,000 and remains at risk of more downsides in the near term.
- Bitcoin extended losses and traded below the $60,000 zone.
- The price is trading below $59,000 and the 100 hourly Simple moving average.
- There is a major bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down since there is a daily close below the $60,000 zone.
Bitcoin Price Takes Hit
Bitcoin price remained in a bearish zone and traded below the $60,500 support level. BTC even settled below the $60,000 level to enter a short-term bearish zone.
There was a drop below the $58,000 level. A low was formed at $56,378 and the price is now consolidating losses. There was a minor increase toward the $58,000 level and the 23.6% Fib retracement level of the downward move from the $64,740 swing high to the $56,378 low.Bitcoin is now trading below $58,500 and the 100 hourly Simple moving average. Immediate resistance is near the $58,000 level. There is also a major bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC/USD pair.
The first major resistance could be $59,200. The next key resistance could be $60,500 or the 50% Fib retracement level of the downward move from the $64,740 swing high to the $56,378 low.
