Will Bitcoin Extend Further Losses?

 2021-10-28 07:55:09

The price of Bitcoin downed below $60,000 yesterday and has not recovered at the time of writing today. BTC is consolidating losses and struggling to retake $60,000. By now, the price is trading around $59,700 and for below the 100 hourly simple moving average.


From the hourly chart, $58,000 became a current support line but can be broken at any time if Bitcoin fails to gain more confidence from investors and traders. To stay still above $60K again, $61,000 can be a strong resistance line for BTC/USDT. And then $64,000 line.

If Bitcoin fails to clear the $60,000 resistance obstacle, it could fall further to $57,000. The first major support is now forming at the $58,000 line, and then $56,500. Bitcoin can extend losses once it failed to protect the $58,000 line.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is now above the 50-level.

Major Support Levels – $58,000, followed by $57,000.

Major Resistance Levels – $60,000, $60,500 and $61,000.

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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