As a seasoned crypto investor with a few years under my belt, I’ve learned to keep a close eye on Bitcoin’s price action. The latest swing in the market had me worried when BTC started declining below the $63,500 pivot level. But just as I was bracing myself for another potential loss, Bitcoin found support near the $61,800 zone and started to recover.
The price of Bitcoin rebounded from its support level at $61,800 and surged upwards to reach $64,500. At present, it is holding steady above the $63,500 mark as it consolidates its recent gains.
- Bitcoin started another increase after it found support near the $61,800 zone.
The price is trading above $63,500 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $63,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above the $63,200 support zone to continue higher in the near term.
Bitcoin Price Holds Ground
The price of Bitcoin dipped again, falling beneath the significant support level of $63,500. It continued to decline, dropping below $62,000 before a rally emerged. The lowest point reached during this downturn was at $61,774, after which the price began its upward trend.
As an analyst, I observed the Bitcoin (BTC/USD) pair breaking above notable resistance levels and trend lines during my recent analysis. Specifically, the price surpassed the $62,500 and $63,500 resistance levels. Additionally, a crucial bearish trend line with resistance at $63,250 on the hourly chart was breached. The pair reached even higher peaks, testing $64,500 and touching $64,750 momentarily.
At a peak of $64,738, a decline in price ensued. The value dipped below the $64,000 mark. Subsequently, the price approached the 50% Fibonacci retracement mark of the bullish trend that began at $61,774 and peaked at $64,738.
Bitcoin currently trades above $63,500 and the 100-hour moving average. The immediate resistance lies around $64,000. A potential first major resistance may emerge at either $64,500 or $64,750. Overcoming the $64,750 resistance could lead to further price increases, with the next significant resistance level being at $65,500.
Should the price break above the notable barrier at $65,500, it’s likely that Bitcoin will continue climbing. In such a scenario, we may anticipate the price reaching towards $66,200. The next significant resistance lies around the $68,000 mark. If further growth occurs, Bitcoin could be on its way to challenging the $70,000 resistance in the short term.
Another Decline In BTC?
As a crypto investor, if Bitcoin doesn’t manage to break through the resistance at $64,750, there’s a good chance it might head south instead. Fortunately, there’s a support level nearby around $63,500 that could potentially cushion any falls.
As a crypto investor, I closely monitor the market and identify key support levels for Bitcoin. The first significant level of support lies at $63,000. If we see a closing price below this mark, I’d be concerned as it could potentially trigger further downward pressure, pushing the price toward the next support zone around $61,750. Should the losses continue, the near-term outlook would suggest a potential drop to the $61,200 area.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $63,500, followed by $63,000.
Major Resistance Levels – $64,000, $64,500, and $65,500.
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2024-04-30 06:04