{"id":474712,"date":"2021-10-27T03:08:56","date_gmt":"2021-10-27T03:08:56","guid":{"rendered":"https:\/\/ktsl888.com\/?p=474712"},"modified":"2024-06-11T13:59:50","modified_gmt":"2024-06-11T13:59:50","slug":"bitcoin-could-correct-below-60k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-could-correct-below-60k\/","title":{"rendered":"Why Bitcoin Could Correct Lower Below $60K In Near-Term"},"content":{"rendered":"
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.<\/em><\/p>\n Bitcoin price tried to clear the $64,000 resistance level<\/a>. 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.<\/p>\n The price even settled below the $62,000 level and the 100 hourly simple moving average<\/a>. 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.<\/p>\n 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.<\/p>\n <\/a><\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n Major Support Levels \u2013 $60,000, followed by $59,500.<\/p>\n Major Resistance Levels \u2013 $61,200, $62,000 and $62,300.<\/p>\n","protected":false},"excerpt":{"rendered":" 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 \u2013 The MACD is slowly 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 $60,000, followed by $59,500. Major Resistance Levels \u2013 $61,200, $62,000 and $62,300.<\/p>\n","protected":false},"author":67,"featured_media":464677,"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":[428,1144,78790,76835],"class_list":["post-474712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Remains At Risk<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
More Losses In BTC?<\/h2>\n