Bitcoin’s price rally seems to have hit a roadblock as it failed to surpass the $63,650 resistance level. As a result, the cryptocurrency is currently undergoing a correction and could potentially retest the $60,850 support level.
Some key observations include:
– Bitcoin started a downward correction from the $63,650 resistance area.
– The price is now trading below both the $62,500 mark and the 100 hourly simple moving average.
– On the hourly chart of BTC/USD, a bearish trend line is forming with resistance at $61,850.
– The cryptocurrency may face difficulty initiating a fresh uptrend above the $62,250 resistance zone.
Bitcoin’s price struggled to extend its gains beyond the $63,650 and $63,800 resistance levels. It reached a high of $63,798 before beginning its downward correction. The decline pushed the price below the $63,000 threshold, as well as the $62,500 level and the 100 hourly simple moving average.
Bitcoin’s current price is trading below the 100 hourly simple moving average and the $62,500 mark. A bearish trend line with resistance at $61,850 is also evident on the BTC/USD hourly chart.
The bulls are currently endeavoring to defend the $61,400 region and the 61.8% Fibonacci retracement level of the upward move from the $59,951 swing low to the $63,798 high. If the price increases once more, it could face resistance near the $61,850 level and the trend line. The first vital resistance lies near $62,250, followed by $62,500. A clear move above $62,500 could potentially trigger a steady upward momentum for the price.
In this scenario, Bitcoin’s price could rise and test the $63,250 resistance level. Further gains could potentially push BTC towards the $63,650 resistance in the near future.
However, if Bitcoin fails to surpass the $62,250 resistance zone, it may continue its downward movement. The immediate support on the downside lies near $61,400, followed by the first major support at $60,850. Another support level seems to be forming near $60,500. In the event of additional losses, the price might approach the $60,000 support zone.
Technical indicators such as the hourly MACD and RSI also contribute to the bearish sentiment for BTC/USD. The MACD is showing accelerated bearish momentum, while the RSI is below the 50 level.
Overall, it appears that Bitcoin’s price is experiencing a correction after its recent rally. Traders and investors will closely monitor key support and resistance levels to determine the next direction for the cryptocurrency.