Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?

Bitcoin price failed to start a fresh increase above the $62,850 resistance zone. BTC started another decline and tumbled 5% to test $58,000.Bitcoin started a fresh decline and traded below the $60,000 zone.
The price is trading below $61,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might struggle to start a fresh increase above the $60,850 resist