Bitcoin (BTC) Price Analysis: BTC Continues Its Downward Trend, Faces Obstacles Near $60.8K

Bitcoin (BTC) continues its downward trend, trading below the $60,000 threshold, and now faces obstacles near $60.8K as it attempts a recovery.

Bitcoin encountered obstacles in its attempt to recover from the recent downturn, trading below the $60,000 threshold and facing resistance near $60,800.

After slipping below critical support levels like $61,500 and $60,500 during the downturn, Bitcoin attempted to recover, briefly rising above $60,000 and crossing the 23.6% Fibonacci retracement level of the plunge from the $64,420 high to the $58,888 low.

However, Bitcoin's attempt to initiate a fresh surge past $62,000 was met with another decline, causing it to slip below critical support levels like $61,500 and $60,500, eventually breaching the crucial $60,000 support line.

The downturn established a low at $58,888, and the price is now in a phase of loss consolidation. An attempt at recovery saw the price momentarily rise above $60,000, managing to surpass the 23.6% Fibonacci retracement level of the plunge from the $64,420 high to the $58,888 low.

Bitcoin encountered further resistance around $60,800, which coincides with a significant bearish trend line on the hourly BTC/USD chart. Any upward movement faces this resistance, which is compounded by the 100 hourly simple moving average.

The initial resistance bands are seen around the $61,650 level, aligning with the 50% Fibonacci retracement level from the $64,420 high to the $58,888 low. Overcoming the $61,650 resistance could potentially drive Bitcoin higher, encountering the next resistance at $62,000.

A sustained close above this $62,000 resistance might pave the way for further gains, enabling the price to test the $63,200 resistance level and possibly push towards the $64,000 resistance zone.

On the other hand, if Bitcoin struggles to break the $60,800 resistance, another decline might ensue. Immediate support to the downside is identified near $59,600. Primary support hovers around the $58,850 level, with subsequent support at $58,500. Further drops could see the price nearing the $57,200 support in the short term.

Technical indicators highlight the challenges ahead. The hourly MACD is slowing in the bearish zone, while the hourly RSI for BTC/USD remains below the 50 level. Significant support levels are positioned at $59,600 and $58,850, with major resistance levels at $60,800 and $61,650.

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