Bitcoin Price Crashes After New ATH, Are Dips Supported At $60K?

Bitcoin price traded to a new all-time high above $69,000 before crashing. BTC is now consolidating near $63,000 and might decline toward the $60,000 support.

• Bitcoin price created history again and traded to a new all-time above $69,000.
• The price is trading below $65,000 and the 100 hourly Simple moving average.
• There was a break below a key bullish trend line with support at $66,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could extend losses and revisit the key $60,000 support zone.

Bitcoin Price Takes Hit

Bitcoin price extended its increase above the $68,000 resistance. BTC even broke the $68,800 level and traded to a new all-time high at $69,218. However, there was a strong bearish reaction from $69,200.

The price crashed over 10% and dived toward the $60,000 zone. There was a break below a key bullish trend line with support at $66,000 on the hourly chart of the BTC/USD pair. A low was formed near $59,150 and the price is now attempting a recovery wave.

There was a move above the $62,000 resistance. It is now facing resistance near the $64,000 zone and the 50% Fib retracement level of the downward move from the $69,218 swing high to the $59,150 low.

Bitcoin is now trading below $64,000 and the 100 hourly Simple moving average. Immediate resistance is near the $64,000 level. The next key resistance could be $64,200, above which the price could rise toward the $65,500 resistance zone.

Source: BTCUSD on TradingView.com

If there is a clear move above the $65,500 resistance zone or the 61.8% Fib retracement level of the downward move from the $69,218 swing high to the $59,150 low, the price could rise toward the $67,000 level. Any more gains might send the price toward the $70,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $64,200 resistance zone, it could start another downside correction. Immediate support on the downside is near the $62,000 level.

The first major support is $61,500. If there is a close below $61,500, the price could start a decent pullback toward the $60,000 zone. Any more losses might send the price toward the $58,500 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $62,000, followed by $60,000.

Major Resistance Levels – $64,200, $65,500, and $67,000.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-crashes-60k/