Bitcoin price failed to break above the $62,500 resistance zone. BTC is showing bearish signs and may fall below the $60,000 support again.

• Bitcoin struggled to recover above the $62,200 and $62,500 levels.
• The price is trading below $62,000 and Simple’s 100-hour moving average.
• On the hourly chart of the BTC/USD pair (fed with data from Kraken), a main bearish trend line is forming with resistance at $61,850.
• The pair may begin another decline unless there is a close above the $62,000 resistance zone.

Bitcoin price remains at risk

Bitcoin price has started a recovery wave above the $61,200 zone. BTC even attempted to cross the $62,000 resistance zone. However, bears were vigorous near the $62,500 zone.

The high has formed at $62,454 and the price is currently falling. There was a move below the $61,500 level. The price fell below the 23.6% Fib retracement level resulting from the upward move from a low of $58,448 to a high of $62,454.

Bitcoin price is trading below $62,000 and the 100-hour elementary moving average. A major bearish trend line is also forming on the hourly chart of the BTC/USD pair with resistance at $61,850.

The price is currently stable above the 50% Fib retracement level resulting from the upward move from the low of $58,448 to the high of $62,454. If another rally occurs, the price could face resistance near the $61,500 level. The first key resistance is located near the $61,850 level and the trend line.

The next key resistance could be $62,000. A clear move above the resistance at $62,000 could spark a sustained rally and push the price higher. In the given case, the price may rise and test the resistance at $62,500. Any further gains could push BTC towards the resistance at $63,500 in the near future.

Greater BTC losses?

If Bitcoin fails to break above the $62,000 resistance zone, it could begin another decline. Immediate support on the downside is near the $60,450 level.

The first major support is at $60,000. The next support is now forming near $59,500. Any further losses could push the price towards the $58,500 support zone in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently gaining momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Main support levels – $60,500 and then $60,000.

Major resistance levels – $62,000 and $62,500.