Bitcoin Consolidates, Why There Is Risk of Larger Downside Correction
Bitcoin price is struggling to clear the $62,500 resistance against the US Dollar. BTC could decline heavily if there is a close below $60,000 in the near term.
Bitcoin is facing resistance near the $62,500 and $62,650 levels.
The price is now trading below $61,500 and the 100 hourly simple moving average.
There is a major bullish trend line with support near $60,500 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 made another attempt to clear the $62,500 and $62,650 resistance levels. However, BTC failed to gain strength above $62,500. A high was formed near $62,500 and the price started a fresh decline.
There was a break below the $62,000 support level and the 100 hourly simple moving average. There was a break below the 50% Fib retracement level of the upward move from the $59,449 swing low to $62,500 high. The price even spiked below the $61,000 level.
It is now finding bids near the $60,500 support zone.
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