Bitcoin Price Plunges After Hitting New Record High, Finds Support at $60K
Bitcoin’s price surged to an all-time high above $69,000 before experiencing a sudden crash. The cryptocurrency is now consolidating near the $63,000 mark and may potentially decline towards the $60,000 support level.
The recent surge in Bitcoin’s price saw it break records yet again, reaching a new all-time high above $69,000. However, the cryptocurrency faced a strong bearish reaction at around $69,200, resulting in a sharp 10% decline and a retreat towards the $60,000 zone. This downward move was accompanied by a break below a key bullish trend line with support at $66,000.
Following this decline, Bitcoin has managed to recover slightly and has surpassed the $62,000 resistance level. However, it now faces resistance near the $64,000 zone and the 50% Fibonacci retracement level of the downward move from the recent swing high to the low point. Additionally, Bitcoin is currently trading below both the $64,000 level and the 100-hourly Simple Moving Average.
To regain bullish momentum, Bitcoin needs to overcome the immediate resistance at $64,200. If successful, the cryptocurrency could rise towards the $65,500 resistance zone. Breaking above this area could potentially propel Bitcoin to even higher levels, with $67,000 and $70,000 as possible targets.
On the other hand, if Bitcoin fails to break the $64,200 resistance, it may initiate another downward correction. The cryptocurrency’s first major support level lies at $61,500, and a close below this level could trigger a pullback towards the $60,000 zone. Further losses might lead Bitcoin towards the $58,500 support level.
Looking at technical indicators, the hourly MACD is indicating a bearish trend gaining momentum, while the hourly RSI for BTC/USD has dipped below the 50 level.
In summary, Bitcoin experienced a crash after reaching a new record high above $69,000. It is currently finding support near the $60,000 mark and is attempting to recover. However, the cryptocurrency’s future price movement will depend on its ability to overcome the immediate resistance levels and maintain bullish momentum.