Bitcoin Price Hovers Above $60K As Traders Search For Direction

Bitcoin price started a fresh decline below the 62,500 zone. BTC is showing bearish signs and might continue to move down if it dips below 61,200. Bitcoin failed to stay above 63,200 and extended losses. The price is trading below 62,500 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance near 62,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend losses if it stays below the 62,500 and 63,500 levels. Bitcoin Price Dips Toward Support Bitcoin price failed to stay above the 63,500 support zone. BTC remained in a bearish zone and extended losses below the 63,200 level. There was a move below the 62,500 level. The price even dipped below 61,200. A low was formed at 60,746 and the price is still showing many bearish signs. There was a minor increase above the 23.6 Fib retracement level of the downward move from the 64,613 swing high to the 60,746 low. Bitcoin is now trading below 62,500 and the 100 hourly simple moving average. There is also a bearish trend line forming with resistance near 62,400 on the hourly chart of the BTC/USD pair. If the price remains stable above 60,750, it could attempt a fresh increase. Immediate resistance is near the 62,500 level and the trend line. The first key resistance is near the 63,200 level or the 61.8 Fib retracement level of the downward move from the 64,613 swing high to the 60,746 low. A close above the 63,200 resistance might send the price further higher. In the stated case, the price could rise and test the 63,500 resistance. Any more gains might send the price toward the 64,500 level. The next barrier for the bulls could be 65,000. More Losses In BTC? If Bitcoin fails to rise above the 63,200 resistance zone, it could start another decline. Immediate support is near the 61,650 level. The first major support is near the 61,200 level. The next support is now near the 60,750 zone. Any more losses might send the price toward the 60,200 support in the near term. The main support now sits at 60,000, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – 61,650, followed by 61,200. Major Resistance Levels – 62,500 and 63,500.