- Bitcoin price started a fresh decline below the $65k and $62k support levels.
- The price is now trading below $60,000 and the 100 hourly simple moving average.
- A key bearish trend line forming with resistance near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses below the $58,500 and $57,500 support levels in the near term.
Bitcoin Price Gains Bearish Momentum
- Bitcoin price started a fresh decline from well above the $65,000 zone. BTC traded below the key $65,000 support level to enter a bearish zone.
There was a clear break below the $62,000 support and the 100 hourly simple moving average. Finally, the price traded below the main $60,000 support zone. A low is formed near $58,630 and the price is now consolidating losses.
On the upside, an immediate resistance is near the $60,000 level. The first major