As a researcher with extensive experience in cryptocurrency markets, I’ve observed the recent decline in Bitcoin’s price after it failed to break above the resistance level at $64,550. The price has dipped below crucial support levels such as $63,500 and the 100 hourly Simple moving average.
The price of Bitcoin dipped once more after experiencing difficulty holding above the $64,550 mark. Subsequently, Bitcoin fell beneath the $63,500 threshold, potentially indicating further downtrend.
- Bitcoin started a fresh decline from the $64,550 resistance level.
The price is trading below $63,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $63,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend losses if there is a clear move below the $62,700 and $62,500 support levels.
Bitcoin Price Dips Further
The price of Bitcoin had difficulty surpassing the $65,000 mark and instead hovered around $64,550. A downward trend ensued, causing the cryptocurrency to fall below key support levels at $64,000 and $63,500.
As a researcher studying the BTC/USD market, I’ve observed the price dipping below the $63,000 mark. The lowest point reached was at $62,700, and currently, we’re witnessing a period of consolidation as losses are being absorbed. Additionally, there seems to be an emerging bearish trend line on the hourly chart, with resistance set at $63,600.
Currently, Bitcoin is being traded at a price lower than $63,500 and the 100-hour Simple Moving Average. If there’s an uptrend, the price may encounter resistance around $63,550 and the 23.6% Fibonacci retracement level of the decline from the peak of $66,444 to the trough of $62,700.
One potential way to rephrase this information in a clear and natural manner is: “The initial significant barrier to further price increase might be located at $64,000. The subsequent hurdle could be $64,500 or the 50% Fibonacci retracement level of the decline from the peak at $66,444 to the trough at $62,700.”
As a crypto investor, if Bitcoin (BTC) manages to break above the $64,500 resistance level with conviction, I believe we could see a steady price increase. In this scenario, the price may continue rising and challenge the $65,500 resistance next. Should BTC overcome this hurdle, it could potentially push toward the near-term resistance at $66,200.
More Downsides In BTC?
As a market analyst, if Bitcoin doesn’t manage to surpass the $63,550 resistance point, there’s a strong possibility that its price will trend lower. Should this occur, the next significant support lies at approximately $62,700.
In simpler terms, the initial significant level of support for the price stands at $62,200. A new support is emerging around $62,000 currently. If the price continues to decline, it may push towards the $61,200 support area in the near future.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $62,700, followed by $62,200.
Major Resistance Levels – $63,550, and $64,500.
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2024-06-24 11:59