Bitcoin Price Faces Resistance

Bitcoin price attempted an upside break above the $62,500 resistance level. However, BTC failed to gain strength above $62,500. A high was formed near $62,950 and started a fresh decline.

Bitcoin Price Decline

There was a clear break below the $61,200 and $61,000 support levels. There was also a break below a key bullish trend line with support near $61,500 on the hourly chart of the BTC/USD pair. It is now trading below $62,000 and the 100 hourly simple moving average.

The pair even spiked below the 50% Fib retracement level of the upward move from the $58,140 swing low to $62,950 high. On the upside, an immediate resistance is near the $61,000 level.

More Losses In BTC?

If bitcoin fails to clear the $62,000 resistance zone, it could extend its decline. An immediate support on the downside is near the $60,200 level. The first major support is now forming near the $60,000 level.

It is near the 61.8% Fib retracement level of the upward move from the $58,140 swing low to $62,950 high