The price of Bitcoin is having difficulty rising above the barrier at $65,000. In order to prevent a significant drop, it’s crucial that Bitcoin maintains its position above the support level of $60,000.
- Bitcoin is still struggling to gain pace for a move above the $65,000 resistance zone.
The price is trading below $63,000 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $62,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $63,000 resistance zone.
Bitcoin Price Remains At Risk
The price of Bitcoin was unable to surpass the $64,500 mark as resistance, resulting in a temporary peak at $64,450. Consequently, Bitcoin began to decrease once more, falling below both $63,000 and $62,000.
The cost dipped below the $60,000 mark, reaching close to $59,700. At this point, the price started making an effort to bounce back. It surpassed the 23.6% Fibonacci level of the recent slide from the peak of $64,444 to the trough of $59,700.
The price of Bitcoin is currently hovering around $63,000 and below its 100-hour moving average. The next resistance point is at approximately $62,000, which is not far from the 50% mark of the recent price drop from the peak of $64,444 to the low of $59,700.
An initial significant challenge for the price might be around $62,650, along with the trendline. Currently, the next potential resistance is at $63,000. If there’s a strong push above this resistance level, the price may continue climbing and potentially reach $64,500.
In simpler terms, Bitcoin may encounter significant opposition around the $65,000 mark in its upcoming advance. If it continues to rise, it could potentially push through to face further resistance at approximately $66,500.
More Losses In BTC?
If Bitcoin doesn’t manage to break through the $63,000 barrier, there’s a risk of another price drop. The minimum support can be found around $60,800.
Supporting price $60,000 for the first significant level, a dip below this could lead to a potential fall towards $59,200. Further declines may push the price towards the nearby $58,500 support area.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $60,800, followed by $60,000.
Major Resistance Levels – $62,650, $63,000, and $64,500.
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2024-04-18 06:40