{"id":9822,"date":"2026-02-06T05:11:06","date_gmt":"2026-02-06T05:11:06","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-dumps-hard-to-60k-triggering-market-shockwaves\/"},"modified":"2026-02-06T05:11:06","modified_gmt":"2026-02-06T05:11:06","slug":"bitcoin-price-dumps-hard-to-60k-triggering-market-shockwaves","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-dumps-hard-to-60k-triggering-market-shockwaves\/","title":{"rendered":"Bitcoin Price Dumps Hard To $60K, Triggering Market Shockwaves"},"content":{"rendered":"<p><em>Bitcoin price extended its decline to $60,000. BTC is down over 10% and might struggle to recover easily above the $70,000 resistance.<\/em><\/p>\n<ul>\n<li>Bitcoin is attempting to recover but struggling to clear hurdles.<\/li>\n<li>The price is trading below $70,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a bearish trend line forming with resistance at $70,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair might dip again if it trades below the $62,500 and $61,200 levels.<\/li>\n<\/ul>\n<h2>Bitcoin Price Dips Sharply<\/h2>\n<p>Bitcoin price failed to remain stable above the $72,000 zone. BTC extended its decline below the $70,000 and $68,500 levels. The bears were able to push the price below $65,500.<\/p>\n<p>A low was formed at $60,500, and the price is now attempting to recover. There was a minor increase above the $62,000 and $63,200 levels. The price cleared the 23.6% Fib retracement level of the recent downward move from the $76,865 swing high to the $60,500 low.<\/p>\n<p>Bitcoin is now trading below $68,000 and the 100 hourly simple moving average. If the price remains stable above $62,000, it could attempt a fresh increase. Immediate resistance is near the $66,000 level. The first key resistance is near the $67,200 level.<\/p>\n<p>A close above the $67,200 resistance might send the price further higher. In the stated case, the price could rise and test the $68,500 resistance or the 50% Fib retracement level of the recent downward move from the $76,865 swing high to the $60,500 low.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" loading=\"lazy\" class=\"size-full wp-image-879946\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2026\/02\/Bitcoin_f598f3.png?resize=1024%2C509\" alt=\"Bitcoin Price \" width=\"1024\" height=\"509\" \/><\/p>\n<p>Any more gains might send the price toward the $70,500 level. There is also a bearish trend line forming with resistance at $70,600 on the hourly chart of the BTC\/USD pair. The next barrier for the bulls could be $72,500 and $75,000.<\/p>\n<h2>Another Decline In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $68,500 resistance zone, it could start another decline. Immediate support is near the $63,200 level. The first major support is near the $62,500 level.<\/p>\n<p>The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,500 support in the near term. The main support now sits at $60,000, below which BTC might struggle to recover 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 $62,500, followed by $61,200.<\/p>\n<p>Major Resistance Levels \u2013 $67,200 and $68,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended its decline to $60,000. BTC is down over 10% and might struggle to recover easily above the $70,000 resistance. Bitcoin is attempting to recover but struggling to clear hurdles. The price is trading below $70,000 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at&hellip;<\/p>\n","protected":false},"author":1,"featured_media":9823,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[145],"tags":[65,108,73,70,71,146],"class_list":["post-9822","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:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/9822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=9822"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/9822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/9823"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=9822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=9822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=9822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}