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18 hour ago
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BEARISH 📉 : Bitcoin price drops below $60,000 amid selling pressure

Bitcoin Price Update

  • Bitcoin (BTC) continues its decline, trading below $70,000 and the 100 hourly simple moving average.
  • A bearish trend line is forming with resistance at $70,600.
  • The price dropped to a low of $60,500 but has seen minor recovery attempts above $62,000 and $63,200.
  • Immediate resistance levels are at $66,000 and $67,200. A close above $67,200 could test $68,500 or the 50% Fib retracement level from the recent high to low move.
  • Further gains might reach $70,500, but resistance persists at $72,500 and $75,000.

Bitcoin Price

Potential Decline

  • If BTC fails to surpass $68,500 resistance, another decline may occur.
  • Immediate support is at $63,200, with major support at $62,500 and $61,200.
  • Breaking below $60,000 could hinder recovery efforts in the near term.

Technical Indicators:

  • Hourly MACD: Increasing in the bearish zone.
  • Hourly RSI: Below 50, indicating bearish momentum.
  • Major Support Levels: $62,500 and $61,200.
  • Major Resistance Levels: $67,200 and $68,500.