Bitcoin Dives Below $60K, Why Bulls Could Struggle In Short-Term

Bitcoin value failed to remain above the $60,000 stage in opposition to the US Greenback. BTC is consolidating losses and it stays at a threat of extra downsides beneath $58,000.

Bitcoin prolonged its decline beneath $62,000 and $60,000 help ranges.
The worth is now buying and selling beneath $60,000 and the 100 hourly easy shifting common.
There’s a key bearish development line forming with resistance close to $60,900 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair stays at a threat of extra downsides beneath the $58,000 stage within the close to time period.

Bitcoin Worth Extends Losses
Bitcoin value failed to remain above the important thing $62,000 and $60,000 help ranges. Because of this, there was an important draw back break beneath $60,000.
The worth even settled beneath the $60,000 stage and the 100 hourly easy shifting common. A low is shaped close to $58,140 and the value is now consolidating losses. A right away resistance on the upside is close to the $59,500 stage.
It’s close to the 23.6% Fib retracement stage of the current drop from the $63,700 swing excessive to $58,140 low. The primary main resistance is close to the $60,000 stage. The principle breakout zone is now forming close to the $61,000 stage and the 100 hourly SMA.
The 50% Fib retracement stage of the current drop from the $63,700 swing excessive to $58,140 low can be close to $60,900. Apart from, there’s a key bearish development line forming with resistance close to $60,900 on the hourly chart of the BTC/USD.

Supply: BTCUSD on TradingView.com
A transparent break above the development line resistance after which $61,000 might probably name open the doorways for a transfer in the direction of the $62,000 stage. The following main resistance sits close to the $64,000 stage.
Extra Losses In BTC?
If bitcoin fails to clear the $60,000 resistance zone, it might proceed to maneuver down. A right away help on the draw back is close to the $58,200 stage.
The primary main help is now forming close to the $58,000 stage. A break beneath the $58,000 help might probably push the value in the direction of the $57,200 help zone within the close to time period. The following key help is close to the $56,500 stage.
Technical indicators:
Hourly MACD – The MACD is slowly shedding tempo within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 stage.
Main Assist Ranges – $58,200, adopted by $58,000.
Main Resistance Ranges – $59,500, $60,000 and $60,900.