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 Stuck In Range 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. Bitcoin tested the 61.8% Fib retracement level of the upward move from the $59,449 swing low to $62,500 high. There is also a major bullish trend line with support near $60,500 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $61,200 level and the 100 hourly SMA. The first major resistance is near the $61,500 level. Source: BTCUSD on TradingView.com...