As a seasoned crypto investor with years of experience under my belt, I’ve seen enough market fluctuations to know that this latest pullback in Bitcoin isn’t anything out of the ordinary. While it’s always a bit disheartening to see the green turn red on my screen, I’ve learned to take these corrections as opportunities rather than signs of impending doom.
The price of Bitcoin surged past the $63,500 barrier, and it reached as high as the $64,800 area before briefly retreating, now experiencing a pullback in its gains.
- Bitcoin is correcting gains from the $64,800 zone.
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 $63,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend losses if it breaks the $62,450 support zone.
Bitcoin Price Starts Pullback
The cost of Bitcoin surged beyond the $63,500 mark and successfully broke through the resistance at $63,800 and $64,200, pushing it into an optimistic trading range.
The bulls managed to push the price beyond $64,500, reaching a peak at $64,777. However, the price is now decreasing after hitting that high. We saw a decline that dropped below the support levels of $64,000 and $63,500. Additionally, the price fell below the 61.8% Fibonacci retracement level from the drop starting at $62,440 to the high of $64,777.
Currently, Bitcoin’s price has dipped under $63,500 and fallen below its 100-hour Simple Moving Average. Additionally, it is currently sitting below the 76.4% Fibonacci retracement level of the upward trend that started from the $62,440 low point and peaked at $64,777.
If we see a new rise in the price, it may encounter obstacles around the $63,250 mark. Additionally, a downward sloping trend line is emerging on the hourly BTC/USD chart, with resistance at approximately $63,240. The initial significant resistance lies near $63,500. Overcoming this barrier could potentially propel the price further upwards.
If we surpass $64,200, it could trigger further increases, potentially pushing the price up to challenge the resistance at $64,750.
More Downsides In BTC?
Should Bitcoin not manage to break through the $63,500 barrier, it might keep falling instead. The nearest potential support lies around the $62,750 mark.
As a crypto investor, I’m keeping a close eye on the market, and right now, the first significant level of support for my investments is around $62,450. Should we see any further declines, the price might dip towards the next support zone, which is roughly at $62,000. If things continue unfavorably, I expect the price to potentially drop even lower to the $61,200 support level 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 – $62,750, followed by $62,450.
Major Resistance Levels – $63,500, and $64,200.
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2024-09-24 05:46