Bitcoin Price Dips, Why BTC Could Dive Below $60K

Bitcoin price failed to stay above the $62,000 support against the US Dollar. BTC could decline heavily if it breaks the $60,000 support zone in the near term. Bitcoin failed to surpass $62,500 and started a fresh decline. The price is now trading below $62,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate lower if there is a clear break below $60,000. 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. 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. Source: BTCUSD on TradingView.com The first major resistance is near the $61,200 level and the 100 hourly SMA. A clear break above $61,200 resistance may possibly call open the doors for a move towards the $62,000 level. The next major resistance sits near the $6...