Bitcoin Price Dumps Hard To $60K, Triggering Market Shockwaves
Bitcoin price extended its decline to $60,000. BTC is down over 10% and might struggle to recover easily above the $70,000 resistance. Any more gains might send the price toward the $70,500 level. There is also a bearish trend line forming with resistance at $70,600 on the hourly chart of the BTC/USD pair. The next barrier for the bulls could be $72,500 and $75,000. If Bitcoin fails to rise above the $68,500 resistance zone, it could start another decline. Immediate support is near the $63,200 level. The first major support is near the $62,500 level. The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,500 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 gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $62,500, followed by $61,200. Major Resistance Levels – $67,200 and $68,500.Another Decline In BTC?
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