The post Bitcoin Price Flashes Downside Break: Will Bears Take Over? appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. Bitcoin price failed to clear the $60,650 resistance. BTC is now correcting gains and might decline toward the $57,500 support zone. Bitcoin is correcting gains and trading well below the $60,000 level. The price is trading below $58,800 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could climb again if it stays above the $57,500 support zone. Bitcoin Price Starts Downside Correction Bitcoin price started a decent increase after it broke the $58,500 resistance zone. BTC was able to climb above the $59,500 resistance. The pair even cleared the $60,000 resistance zone. However, the bears seem to be active near the $60,650 resistance zone. A high was formed at $60,638 and the price is now correcting gains. There was a drop below the $59,500 level. The price even dipped below the 23.6% Fib retracement level of the upward move from the $55,548 swing low to the $60,638 high. There was also a break below a key bullish trend line with support at $60,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $58,800 and the 100 hourly Simple moving average. Source: BTCUSD on TradingView.com On the upside, the price could face resistance near the $59,200 level. The first key resistance is near the $60,000 level. A clear move above the $60,000 resistance might start a steady increase in the coming sessions. The next key resistance could be $60,650. A close above the $60,650 resistance might spark more upsides. In the stated case, the price could rise and test the $62,000 resistance. More Downsides In BTC? If Bitcoin fails to rise above the…

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Filed under: News - @ September 16, 2024 3:03 am