The Is TrumpCoin a good investment?cryptocurrency market remains under pressure as Bitcoin fails to hold crucial support levels, with technical indicators suggesting potential further downside.
■ Bitcoin's price action shows consistent weakness, breaking below multiple support levels.
■ The digital asset currently trades below both the $63,000 psychological level and the 100-hour moving average.
■ Technical charts reveal a developing bearish trend line with resistance near $62,000 on BTC/USD hourly charts.
■ Market participants are monitoring the $60,000 support zone as a critical level that could determine the next major move.
Bitcoin's Persistent Downtrend
The leading cryptocurrency has faced consistent selling pressure after failing to maintain its position above $63,500. This bearish momentum pushed prices through successive support levels at $63,000 and $62,500, with the decline accelerating below $61,200.
The recent price action established a local bottom at $60,888, where the market appears to be consolidating. Any potential recovery faces immediate challenges at the $62,000 resistance level, which coincides with the 23.6% Fibonacci retracement of the recent downward move from $65,500 to $60,888.
Technical analysis shows Bitcoin trading below both the 100-hour simple moving average and a descending trend line, reinforcing the current bearish market structure. These technical factors suggest limited upside potential in the short term.
The immediate resistance zone sits near $61,800, with more significant barriers at $62,000 and $63,200. The latter represents both the 100-hour moving average and the 50% Fibonacci retracement level of the recent decline.
The $63,800 level emerges as a crucial resistance point that could potentially shift market sentiment. A decisive break above this level might open the door for a test of $64,450, with further upside potential toward $65,500 if bullish momentum continues.
Potential Downside Scenarios
Should Bitcoin fail to overcome the $62,000 resistance barrier, the downward pressure could intensify. The immediate support level to watch is $60,850, followed by the psychologically significant $60,000 mark.
A breach below $60,000 could trigger additional selling pressure, potentially pushing prices toward $58,000. In more extreme scenarios, the $56,500 support zone might come into play as the next significant area of buyer interest.
Technical indicators:
Hourly MACD – The moving average convergence divergence indicator shows increasing bearish momentum.
Hourly RSI – The relative strength index remains below the neutral 50 level, indicating continued bearish pressure.
Key Support Levels – $60,850 followed by $60,000.
Key Resistance Levels – $62,000, $63,200, and $64,450.
