{"id":300651,"date":"2024-05-13T09:22:56","date_gmt":"2024-05-13T03:52:56","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=300651"},"modified":"2024-05-13T09:22:56","modified_gmt":"2024-05-13T03:52:56","slug":"bitcoin-price-signals-bearish-continuation-why-btc-could-drop-below-60k-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-signals-bearish-continuation-why-btc-could-drop-below-60k-crypto-news\/","title":{"rendered":"Bitcoin Price Signals Bearish Continuation, Why BTC Could Drop Below $60K &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>Bitcoin price started a fresh decline from the $62,000 resistance zone. BTC is declining and remains at a risk of more losses below the $60,000 level.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh decline after it failed near $62,000.<\/li>\n<li>The price is trading below $61,000 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break below a bearish flag pattern with support near $60,950 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could gain bearish momentum if there is a close below the $60,000 level.<\/li>\n<\/ul>\n<h2>Bitcoin Price Signals Breakdown<\/h2>\n<p>Bitcoin price found support near the $60,250 zone and started a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-recovery-63200\/\">recovery wave<\/a>. BTC was able to recover above the 23.6% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low.<\/p>\n<p>However, the bears were active near the $61,800 resistance zone. They defended the 50% Fib retracement level of the downward move from the $63,217 swing high to the $60,250 low. There was a fresh bearish reaction below the $61,200 support zone.<\/p>\n<p>There was a break below a bearish flag pattern with support near $60,950 on the hourly chart of the BTC\/USD pair. Bitcoin is now trading below $61,000 and the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-bears-pushing-60k\/\">100 hourly Simple moving average<\/a>.<\/p>\n<p>Immediate resistance is near the $61,200 level. The first major resistance could be $62,000 or the 100 hourly Simple moving average. The next key resistance could be $62,500. A clear move above the $62,500 resistance might send the price higher.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/05\/Bitcoin_df25fd.png?resize=1024%2C449\"><\/a><\/p>\n<p>Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The main resistance now sits at $63,500. If there is a close above the $63,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000.<\/p>\n<h2>More Downsides In BTC?<\/h2>\n<p>If Bitcoin fails to climb above the $61,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,500 level.<\/p>\n<p>The first major support is $60,000. If there is a close below $60,000, the price could start to drop toward $58,500. Any more losses might send the price toward the $56,650 support zone 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 $60,500, followed by $60,000.<\/p>\n<p>Major Resistance Levels \u2013 $61,200, $62,200, and $62,500.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a fresh decline from the $62,000 resistance zone. BTC is declining and remains at a risk of more losses below the $60,000 level. Bitcoin started a fresh decline after it failed near $62,000. The price is trading below $61,000 and the 100 hourly Simple moving average. There was a break below a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":145511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-300651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/300651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=300651"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/300651\/revisions"}],"predecessor-version":[{"id":300655,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/300651\/revisions\/300655"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/145511"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=300651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=300651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=300651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}