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

Bitcoin price failed to stay above the $60,000 level against the US Dollar. BTC is consolidating losses and it remains at a risk of more downsides below $58,000. Bitcoin extended its decline below $62,000 and $60,000 support levels. The price is now trading below $60,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $60,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair remains at a risk of more downsides below the $58,000 level in the near term. Bitcoin Price Extends Losses Bitcoin price failed to stay above the key $62,000 and $60,000 support levels. As a result, there was a crucial downside break below $60,000. The price even settled below the $60,000 level and the 100 hourly simple moving average. A low is formed near $58,140 and the price is now consolidating losses. An immediate resistance on the upside is near the $59,500 level. It is near the 23.6% Fib retracement level of the recent drop from the $63,700 swing high to $58,140 low. The first major resistance is near the $60,000 level. The main breakout zone is now forming near the $61,000 level and the 100 hourly SMA. The 50% Fib retracement level of the recent drop from the $63,700 swing high to $58,140 low is also near $60,900. Besides, there is a key bearish trend line forming with resistance near $60,900 on the hourly chart of the BTC/USD. Source: BTCUSD on TradingView.com A clear...