Bitcoin price started a downward correction after failed to stay above $62,500. Bitcoin is down below the levels of 61,500 and 60,000 dollars to enter a short-term bearish zone.
There was a break below a line of Key bullish trend with support at $61,000 on the hourly chart of the BTC/USD pair. The pair even dropped below the 50% Fibonacci retracement level of the upward move from the swing low of $54,556 to a maximum of $62,700.
The price of Bitcoin is now trading below $60,000 and the 100 hourly simple moving average. Bulls are protecting the $58,500 support zone. The price is stable above the 61.8% Fibonacci retracement level of the upward move from the swing low of $54,556 to the high of $62,700.
On the upside, the price could meet resistance near the $59,500 level. The first key resistance is near the $60,000 level. A clear move above the $60,000 resistance could push the price higher in the coming sessions. next key resistance could be $61,200.
The next major hurdle is at $62,500. A close above the resistance of $62,500 could trigger bullish moves. In this case, the price could rise and test the resistance of $65,000.
Other downsides of BTC?
If Bitcoin Fails to rise above the $60,000 resistance zonecould continue to fall. Immediate support on the downside is near the $58,500 level.
The first important support is found at $57,650. The next support is now near the $57,250 zone. Further losses could push the price towards the support zone at $55,500 or even $55,000 in the short term.
Source: Newsbtc