{"id":132941,"date":"2026-02-06T02:32:35","date_gmt":"2026-02-06T02:32:35","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=132941"},"modified":"2026-02-06T02:32:35","modified_gmt":"2026-02-06T02:32:35","slug":"bitcoin-price-dumps-hard-to-60k-triggering-market-shockwaves","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=132941","title":{"rendered":"Bitcoin Price Dumps Hard To $60K, Triggering Market Shockwaves"},"content":{"rendered":"

Bitcoin price extended its decline to $60,000. BTC is down over 10% and might struggle to recover easily above the $70,000 resistance.<\/em><\/p>\n

Bitcoin is attempting to recover but struggling to clear hurdles.
\nThe price is trading below $70,000 and the 100 hourly simple moving average.
\nThere is a bearish trend line forming with resistance at $70,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might dip again if it trades below the $62,500 and $61,200 levels.<\/p>\n

Bitcoin Price Dips Sharply<\/h2>\n

Bitcoin price failed to remain stable above the $72,000 zone. BTC extended its decline<\/a> below the $70,000 and $68,500 levels. The bears were able to push the price below $65,500.<\/p>\n

A low was formed at $60,500, and the price is now attempting to recover. There was a minor increase above the $62,000 and $63,200 levels. The price cleared the 23.6% Fib retracement level of the recent downward move<\/a> from the $76,865 swing high to the $60,500 low.<\/p>\n

Bitcoin is now trading below $68,000 and the 100 hourly simple moving average. If the price remains stable above $62,000, it could attempt a fresh increase. Immediate resistance is near the $66,000 level. The first key resistance is near the $67,200 level.<\/p>\n

A close above the $67,200 resistance might send the price further higher. In the stated case, the price could rise and test the $68,500 resistance or the 50% Fib retracement level of the recent downward move from the $76,865 swing high to the $60,500 low.<\/p>\n

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

Any more gains might send the price toward the $70,500 level. There is also a bearish trend line forming with resistance at $70,600 on the hourly chart of the BTC\/USD pair. The next barrier for the bulls could be $72,500 and $75,000.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $68,500 resistance zone, it could start another decline. Immediate support is near the $63,200 level. The first major support is near the $62,500 level.<\/p>\n

The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,500 support in the near term. The main support now sits at $60,000, below which BTC might struggle to recover in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining 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 $62,500, followed by $61,200.<\/p>\n

Major Resistance Levels \u2013 $67,200 and $68,500.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price extended its decline to $60,000. BTC is down over 10% and might struggle to recover easily above the $70,000 resistance. Bitcoin is attempting to recover but struggling to clear hurdles. The price is trading below $70,000 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at […]<\/p>\n","protected":false},"author":0,"featured_media":132942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-132941","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\/132941"}],"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=132941"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/132941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/132942"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=132941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=132941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=132941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}