Will the Downtrend in Bitcoin Price Lead to Bear Market Control?

Bitcoin’s price was unable to overcome the resistance at $60,650. Currently, BTC is retracing its recent gains and could potentially fall towards the $57,500 support zone.

• Bitcoin is experiencing a setback, trading significantly below the $60,000 mark.
• The cryptocurrency’s price is below $58,800 and the 100 hourly Simple Moving Average.
• A critical bullish trend line with support near $60,000 on the hourly BTC/USD chart (Kraken data) was breached.
• The pair might recover if it manages to stay within the $57,500 support territory.

Bitcoin Initiates a Downward Correction

Bitcoin’s price embarked on a steady rise after breaching the $58,500 resistance area. BTC climbed past the $59,500 barrier, progressing beyond the $60,000 milestone.

Nonetheless, resistance was met near $60,650. The price peak was at $60,638, and now there is a rollback in the recent increments. The price descended beneath the $59,500 support and also dipped below the 23.6% Fib retracement level of the ascension from the $55,548 swing low to the $60,638 peak.

A key supportive bullish trend line on the hourly chart of the BTC/USD pair was also surpassed at the $60,000 benchmark. Bitcoin is now trading below the $58,800 level and the 100 hourly Simple Moving Average.

On the higher side, immediate resistance can be found near $59,200. The primary resistance is at the $60,000 level. A definitive push beyond this resistance could signal the beginning of a solid advancement in future trading sessions. The following crucial hurdle would be $60,650, where a move past could lead to further ascents. If that occurs, the price may surge towards the $62,000 resistance mark.

Potential for Additional Declines in BTC?

Should Bitcoin struggle to surpass the resistance at $59,200, it might keep descending. The next support down is around the $58,000 range or the 50% Fib retracement of the recent upward trajectory from the $55,548 swing low to the $60,638 high.

A substantial support notch is situated at $57,500. Further down, the support consolidates near the area of $56,750. Escalating losses might pressure the price to approach the support vicinity of $55,550 shortly.

Technical indicators:

Hourly MACD – The MACD is currently accelerating in the bearish territory.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is beneath the 50 mark.

Major Support Levels – $58,000, succeeded by $57,500.

Major Resistance Levels – $59,200, and $60,000.