{"id":341,"date":"2024-10-10T03:00:19","date_gmt":"2024-10-10T03:00:19","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/bitcoin-price-extends-decline-can-60k-serve-as-a-lifeline\/"},"modified":"2024-10-10T03:00:19","modified_gmt":"2024-10-10T03:00:19","slug":"bitcoin-price-extends-decline-can-60k-serve-as-a-lifeline","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/bitcoin-price-extends-decline-can-60k-serve-as-a-lifeline\/","title":{"rendered":"Bitcoin Price Extends Decline: Can $60K Serve as a Lifeline?"},"content":{"rendered":"<p><em>Bitcoin price extended losses and traded below the $61,850 zone. BTC is now holding the $60,000 support, but it remains at risk.<\/em><\/p>\n<ul>\n<li>Bitcoin is struggling to start a fresh increase above $62,850 zone.<\/li>\n<li>The price is trading below $62,000 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could gain bearish momentum if there is a close below the $60,000 zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Dips Further<\/h2>\n<p>Bitcoin price failed to start a fresh increase above $63,000 and started a fresh decline. BTC traded below the $62,500 and $61,500 levels. It even broke the $60,500 support.<\/p>\n<p>A low was formed at $60,300 and the price is now consolidating losses. There was a minor increase above the $60,550 level. However, the price is still well below the 23.6% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low.<\/p>\n<p>Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $61,200 level. There is also a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The first key resistance is near the $62,350 level or the 50% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low. A clear move above the $62,350 resistance might send the price higher. The next key resistance could be $63,200.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"wp-image-647236 size-full\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/10\/Bitcoin_e34201.png?resize=1024%2C478\" alt=\"Bitcoin Price\" width=\"1024\" height=\"478\" loading=\"lazy\" \/><\/p>\n<p>A close above the $63,200 resistance might initiate more gains. In the stated case, the price could rise and test the $64,000 resistance level. Any more gains might send the price toward the $65,000 resistance level.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $61,250 resistance zone, it could start another decline. Immediate support on the downside is near the $60,300 level.<\/p>\n<p>The first major support is near the $60,000 level. The next support is now near the $59,500 zone. Any more losses might send the price toward the $58,400 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $60,300, followed by $60,000.<\/p>\n<p>Major Resistance Levels \u2013 $61,250, and $62,350.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended losses and traded below the $61,850 zone. BTC is now holding the $60,000 support, but it remains at risk. Bitcoin is struggling to start a fresh increase above $62,850 zone. The price is trading below $62,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with&hellip;<\/p>\n","protected":false},"author":1,"featured_media":342,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[142],"tags":[22,29,32,35,36,154],"class_list":["post-341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=341"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/341\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/342"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}