As a seasoned crypto investor with over five years of experience in this wild and unpredictable market, I have learned to take each price movement with a grain of salt and not let my emotions dictate my investment strategy. The recent surge in Bitcoin’s price above $60,000 is indeed exciting, but I am cautiously optimistic about its sustainability.
The cost of Bitcoin surged past the $58,500 barrier, marking a new rise. Once more, Bitcoin has climbed over $60,000 but is facing challenges in moving further upward.
- Bitcoin is correcting gains from the $61,200 resistance zone.
The price is trading above $59,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $60,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could climb again if it stays above the $59,400 support zone.
Bitcoin Price Reclaims $60K
The cost of Bitcoin stayed strong above the $57,500 mark, establishing a foundation for further growth beyond the $58,500 resistance point. This movement resulted in an upward trend that surpassed the $60,000 threshold.
As a researcher analyzing market trends, I observed that the price breached the resistance zone at around $61,200. A peak was reached at $61,300, following which there seems to be a correction in gains. The price dropped below the $60,500 mark and even dipped beneath the 23.6% Fibonacci retracement level of the upward swing from the $57,488 low to the $61,300 high.
Currently, Bitcoin is trading beyond $59,500 and aligning with its 100-hour Simple Moving Average. As it moves upward, potential barriers might appear around $60,500. Additionally, a bearish trend line is developing, which has the $60,500 level as its resistance point on the hourly BTC/USD chart.
Initially, a significant barrier lies around the $60,650 mark. Breaking through this barrier at $60,650 may initiate a gradual uptrend in the upcoming trading periods. The next notable barrier could be found at $61,200. If the price manages to close above $61,200, it might lead to further gains. In this scenario, the price may ascend and challenge the $62,500 resistance level.
More Downsides In BTC?
If Bitcoin doesn’t manage to break through the $60,500 barrier, it might keep falling instead. The nearest support lies around the $60,000 mark if it goes downward.
The primary resistance stands at $59,750. Currently, the next potential support is approaching the vicinity of $59,400, which aligns with the 100-hour Simple Moving Average and the 50% Fibonacci retracement level from the price rise spanning between the $57,488 low point to the $61,300 peak. If the downward trend continues, it could push the price towards the near-term support at $58,450.
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 – $60,000, followed by $59,400.
Major Resistance Levels – $60,500, and $61,200.
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2024-09-18 06:22