As a seasoned analyst with years of market experience under my belt, I see Bitcoin’s current consolidation as a strategic pause before potentially pushing toward new highs. The resistance at $62,500 and the bearish trend line at $61,450 are key levels to watch, but a close below $61,700 could signal a deeper correction.
The price of Bitcoin temporarily dropped and approached the $61,850 level. Currently, Bitcoin appears to be stabilizing and may potentially surge past the $62,500 resistance point again.
- Bitcoin is holding gains above the $61,850 zone.
The price is trading below $62,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase unless there is a close below the $61,700 zone.
Bitcoin Price Eyes Another Increase
The value of Bitcoin was unable to hold above $65,000, leading instead to a downward trend. At this point, Bitcoin’s trading fell below both $64,000 and $63,500 levels. In fact, it broke the $62,500 support level as well.
At $61,825, a dip occurred and now the price is holding steady, recovering slightly above $62,250. It has also touched the 23.6% Fibonacci retracement level from the high at $64,419 to the low at $61,825.
At the moment, Bitcoin’s trading value is dipping below $62,500 and the 100-hour Simple Moving Average. If it continues to rise, it might encounter resistance around the $62,500 mark. Additionally, a bearish trend line is forming on the hourly chart of Bitcoin versus the U.S. dollar, with potential resistance at $61,450.
The first key resistance is near the $63,150 level or the 50% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low. A clear move above the $63,150 resistance might send the price higher. The next key resistance could be $64,200.
If the price breaks through the current resistance at $64,200, it may continue to increase and attempt to reach or even surpass the $65,000 resistance point. Further increases could potentially push the price up towards the $65,500 resistance level.
More Losses In BTC?
If Bitcoin doesn’t manage to break through the $62,500 barrier, there might be a new drop in its price. The nearest support for Bitcoin can be found around the $62,000 mark.
The significant first resistance is approximately at $61,850. The following resistance now lies within the vicinity of $61,200. Further declines may push the price towards the nearby $60,000 support in the short term.
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 – $62,000, followed by $61,850.
Major Resistance Levels – $62,500, and $63,150.
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2024-10-09 05:46