The price of Bitcoin has started to decline from the $62,000 resistance level and is at risk of dropping below $60,000. Bitcoin failed near $62,000 and is currently trading below $61,000 and the 100 hourly Simple Moving Average.
A bearish flag pattern was broken with support near $60,950, indicating potential bearish momentum. If the price closes below $60,000, it could lead to further losses. Immediate resistance levels are around $61,200, $62,000, and $62,500, while support levels are at $60,500 and $60,000.
If the price fails to climb above the resistance zone, it may continue to move down towards $58,500 and potentially the $56,650 support level. The technical indicators, such as the MACD and RSI, suggest a bearish sentiment for Bitcoin in the short term.
Source: NEWSBTC
