{"id":638177,"date":"2024-08-28T03:29:41","date_gmt":"2024-08-28T03:29:41","guid":{"rendered":"https:\/\/ktsl888.com\/?p=638177"},"modified":"2024-08-28T04:08:37","modified_gmt":"2024-08-28T04:08:37","slug":"bitcoin-price-drops-60k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-drops-60k\/","title":{"rendered":"Bitcoin Price Drops Under $60K Again: Can It Stage a Recovery?"},"content":{"rendered":"<p><em>Bitcoin price started a fresh decline and traded below $60,000. BTC is struggling and might continue to move down toward the $56,500 support.<\/em><\/p>\n<ul>\n<li>Bitcoin gained bearish momentum below the $62,000 support level.<\/li>\n<li>The price is trading below $62,000 and the 100 hourly Simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance at $61,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair might slip further toward the $56,500 level before the bulls appear.<\/li>\n<\/ul>\n<h2>Bitcoin Price Takes Hit<\/h2>\n<p>Bitcoin price failed to recover and <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-slips-63500\/\" target=\"_blank\" rel=\"noopener \">extended losses<\/a> below the $62,500 level. The bears took over and pushed the price below the $61,200 level. The price even dived below the $60,000 level.<\/p>\n<p>A low was formed at $58,009 and the price is now consolidating losses. There was a minor recovery wave above the $58,500 and $59,000 levels. The price traded close to the 23.6% Fib retracement level of the downward move from the $65,070 swing high to the $58,009 low.<\/p>\n<p>Bitcoin is now trading below $61,500 and the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-challenge-65k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. On the upside, the price could face resistance near the $59,800 level. The first key resistance is near the $60,000 level. A clear move above the $60,000 resistance might send the price further higher in the coming sessions.<\/p>\n<figure id=\"attachment_638178\" aria-describedby=\"caption-attachment-638178\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_662e9b.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-638178 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_662e9b.png?resize=1024%2C461\" alt=\"Bitcoin Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_662e9b.png?w=1835 1835w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_662e9b.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_662e9b.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_662e9b.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_662e9b.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_662e9b.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin_662e9b.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-638178\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>The next key resistance could be $61,500. There is also a key bearish trend line forming with resistance at $61,500 on the hourly chart of the BTC\/USD pair. It is close to the 50% Fib retracement level of the downward move from the $65,070 swing high to the $58,009 low. A close above the $61,500 resistance might spark more upsides. In the stated case, the price could rise and test the $62,500 resistance.<\/p>\n<h2>More Downsides In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,500 level.<\/p>\n<p>The first major support is $58,000. The next support is now near the $57,650 zone. Any more losses might send the price toward the $56,500 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $58,500, followed by $58,000.<\/p>\n<p>Major Resistance Levels \u2013 $60,000, and $61,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a fresh decline and traded below $60,000. BTC is struggling and might continue to move down toward the $56,500 support. Bitcoin gained bearish momentum below the $62,000 support level. The price is trading below $62,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $61,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might slip further toward the $56,500 level before the bulls appear. Bitcoin Price Takes Hit Bitcoin price failed to recover and extended losses below the $62,500 level. The bears took over and pushed the price below the $61,200 level. The price even dived below the $60,000 level. A low was formed at $58,009 and the price is now consolidating losses. There was a minor recovery wave above the $58,500 and $59,000 levels. The price traded close to the 23.6% Fib retracement level of the downward move from the $65,070 swing high to the $58,009 low. Bitcoin is now trading below $61,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $59,800 level. The first key resistance is near the $60,000 level. A clear move above the $60,000 resistance might send the price further higher in the coming sessions. The next key resistance could be $61,500. There is also a key bearish trend line forming with resistance at $61,500 on the hourly chart of the BTC\/USD pair. It is close to the 50% Fib retracement level of the downward move from the $65,070 swing high to the $58,009 low. A close above the $61,500 resistance might spark more upsides. In the stated case, the price could rise and test the $62,500 resistance. More Downsides In BTC? If Bitcoin fails to rise above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,500 level. The first major support is $58,000. The next support is now near the $57,650 zone. Any more losses might send the price toward the $56,500 support in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now 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 $58,500, followed by $58,000. Major Resistance Levels \u2013 $60,000, and $61,500.<\/p>\n","protected":false},"author":67,"featured_media":638181,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83361],"tags":[428,679,1144,78790,76835],"class_list":["post-638177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Drops Under $60K Again: Can It Stage a Recovery?<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a fresh decline and traded below $60,000. 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