As a seasoned researcher with over a decade of experience in the crypto market, I have seen Bitcoin’s price fluctuations more times than I can count. Today, it seems that we are witnessing yet another dip in BTC prices. The current resistance at $62,850 is proving to be a tough nut to crack, and the price is now trading below key support levels like the 100 hourly Simple moving average.
The price of Bitcoin continued to fall below the $61,850 level, currently hovering around the $60,000 mark. At this point, Bitcoin is maintaining its position on the $60,000 support, but it’s still vulnerable to further drops.
- Bitcoin is struggling to start a fresh increase above $62,850 zone.
The price is trading below $62,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $61,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bearish momentum if there is a close below the $60,000 zone.
Bitcoin Price Dips Further
The price of Bitcoin didn’t manage to surge past $63,000 and instead began falling. The cryptocurrency dipped beneath the $62,500 and $61,500 thresholds, and even dropped below its previous support at $60,500.
At $60,300 a dip occurred and currently, the price is holding steady as it recovers some losses. There was a slight uptick above $60,550, but the price remains significantly lower than the 23.6% Fibonacci retracement level following the recent drop from the peak of $64,420 to the trough of $60,300.
Currently, Bitcoin’s trading value has dipped below $61,500 and is close to its 100-hour Simple Moving Average. If it continues to rise, it might encounter resistance around $61,200. Additionally, a bearish trend line is forming on the hourly chart of BTC/USD pair, with potential resistance at $61,250.
The first key resistance is near the $62,350 level or the 50% Fib retracement level of the recent decline from the $64,420 swing high to the $60,300 low. A clear move above the $62,350 resistance might send the price higher. The next key resistance could be $63,200.
If the price breaks through the $63,200 barrier, it could lead to further increases. In this scenario, the price may climb and challenge the $64,000 resistance point. Should it continue to rise, it might push the price towards the $65,000 resistance level.
More Losses In BTC?
Should Bitcoin not manage to break through its resistance at around $61,250, it might initiate a new drop. At present, potential support for Bitcoin lies roughly around $60,300.
In simpler terms, the strongest initial support for the price can be found around the $60,000 mark. The next level of support is currently hovering over the $59,500 area. If there are any further losses, it’s possible that the price could drop towards the $58,400 support in the short term.
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 – $60,300, followed by $60,000.
Major Resistance Levels – $61,250, and $62,350.
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2024-10-10 05:46