Bitcoin price has started a novel decline below the $62,500 zone. BTC is showing bearish signs and could continue to decline if it falls below $61,200.

• Bitcoin failed to stay above $63,200 and deepened losses.
• The price is trading below $62,500 and the 100-hour elementary moving average.
• A bearish trend line is forming on the hourly chart of the BTC/USD pair (fed with data from Kraken) with resistance near $62,400.
• The pair could extend losses if it stays below the $62,500 and $63,500 levels.

Bitcoin price is falling towards support

Bitcoin price failed to stay above the support zone at $63,500. BTC remained in the bear zone and recorded losses below the $63,200 level. There was a move below the $62,500 level.

The price even dropped below $61,200. The low was made at $60,746 and the price continues to show many bearish signs. There was a slight augment above the 23.6% Fib retracement level in the move down from the high of $64,613 to the low of $60,746.

Bitcoin is currently trading below $62,500 and the 100-hour elementary moving average. A bearish trend line is also forming on the hourly chart of the BTC/USD pair with resistance near $62,400.

If the price remains stable above $60,750, it may try to rise again. Immediate resistance is near the $62,500 level and the trend line. The first key resistance is located near the $63,200 level or the 61.8% Fib retracement level as part of a downward move from the high of $64,613 to the low of $60,746.

A close above the resistance at $63,200 could see the price rise further. In the given case, the price may rise and test the resistance at $63,500. Any further gains could push the price towards the $64,500 level. The next barrier for bulls could be $65,000.

Greater BTC losses?

If Bitcoin does not rise above the $63,200 resistance zone, it could begin another decline. Immediate support is near the $61,650 level.

The first major support is near the $61,200 level. The next support is now near the $60,750 zone. Any further losses could push the price towards the $60,200 support in the near future. Major support is currently at $60,000, below which BTC may have difficulty recovering in the near term.

Technical Indicators:

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

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

Major support levels – $61,650 and then $61,200.

Major resistance levels – $62,500 and $63,500.