{"id":10870,"date":"2024-10-02T02:48:00","date_gmt":"2024-10-02T02:48:00","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10870"},"modified":"2024-10-02T02:48:00","modified_gmt":"2024-10-02T02:48:00","slug":"bitcoin-price-falls-to-60k-is-a-rebound-possible","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10870","title":{"rendered":"Bitcoin Price Falls To $60K: Is A Rebound Possible?"},"content":{"rendered":"

Bitcoin price started a fresh decline below the $63,500 level. BTC is now consolidating above $60,000 and might face many hurdles on the upside.<\/em><\/p>\n

Bitcoin is down over 5% from the $65,000 resistance zone.
\nThe price is trading below $63,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start another increase if it stays above the $60,500 support zone.<\/p>\n

Bitcoin Price Takes Hit<\/h2>\n

Bitcoin price started a fresh decline from the $65,000 resistance<\/a>. BTC broke the $64,000 and $63,500 support levels to move into a short-term bearish zone.<\/p>\n

The price even dipped below $61,500. A low was formed at $60,281 and the price is now consolidating losses. The price is now trading near the 23.6% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.<\/p>\n

Bitcoin is now trading below $62,500 and the 100 hourly Simple moving average<\/a>. If there is a fresh increase, the price could face resistance near the $61,650 level. The first key resistance is near the $62,500 level. There is also a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC\/USD pair.<\/p>\n

A clear move above the $62,800 resistance might send the price higher. The next key resistance could be $63,200. It is close to the 50% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.<\/p>\n

<\/a><\/p>\n

A close above the $63,200 resistance might spark more upsides. In the stated case, the price could rise and test the $64,000 resistance level. Any more gains might send the price toward the $65,000 resistance level.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $62,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,000 level.<\/p>\n

The first major support is near the $60,500 level. The next support is now near the $60,000 zone. Any more losses might send the price toward the $58,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $60,500, followed by $60,000.<\/p>\n

Major Resistance Levels \u2013 $61,650, and $62,800.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started a fresh decline below the $63,500 level. BTC is now consolidating above $60,000 and might face many hurdles on the upside. Bitcoin is down over 5% from the $65,000 resistance zone. The price is trading below $63,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line with […]<\/p>\n","protected":false},"author":0,"featured_media":10871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10870"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10870"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10870\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10871"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}