Bitcoin price started a downside correction from the $64,600 zone. BTC is 
showing bearish signs and might continue lower below $61,200. Bitcoin failed 
to stay above $64,000 and extended losses. The price is trading below $62,800 
and the 100 hourly simple moving average. There was a break below a bullish 
trend line with support at $62,500 on the hourly chart of the BTC/USD pair 
(data feed from Kraken). The pair might extend losses if it stays below the 
$62,500 and $62,200 levels. Bitcoin Price Dips Again Bitcoin price failed to 
clear the $64,500 resistance zone. BTC started a downside correction and 
declined below the key support at $63,500 to enter a bearish zone. There was a 
move below the 50% Fib retracement level of the upward move from the $59,070 
swing low to the $64,613 high. Besides, there was a break below a bullish 
trend line with support at $62,500 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading below $62,500 and the 100 hourly simple moving average. 
If the price remains stable above $61,500, it could attempt a fresh increase. 
Immediate resistance is near the $62,000 level. The first key resistance is 
near the $62,200 level. A close above the $62,200 resistance might send the 
price further higher. In the stated case, the price could rise and test the 
$64,000 resistance. The next resistance could be near the $64,500 level. Any 
more gains might send the price toward the $66,000 level. The main hurdle for 
the bulls could be $66,500. Downside Extension In BTC? If Bitcoin fails to 
rise above the $62,500 resistance zone, it could start another decline. 
Immediate support is near the $61,200 level or the 61.8% Fib retracement level 
of the upward move from the $59,070 swing low to the $64,613 high. The first 
major support is near the $60,950 level. The next support is now near the 
$60,200 zone. Any more losses might send the price toward the $59,000 support 
in the near term. The main support now sits at $58,500, 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 – 
$61,200, followed by $60,200. Major Resistance Levels – $62,500 and $64,000.

Bitcoin price started a downside correction from the $64,600 zone. BTC is showing bearish signs and might continue lower below $61,200. Bitcoin failed to stay above $64,000 and extended losses. The price is trading below $62,800 and the 100 hourly simple moving average. There was a break below a bullish trend line with support at &#8230;

Bitcoin Price Back Under Pressure After Recovery Hopes Fade

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Bitcoin Price Back Under Pressure After Recovery Hopes Fade

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