Bitcoin Price Back at Support: Can It Avoid a Breakdown?

As a seasoned analyst with over a decade of experience in the cryptocurrency market, I have seen Bitcoin’s volatile swings more times than I can count. The latest dip below $65,000 is not unusual, but it’s always a reminder of the rollercoaster ride that comes with investing in Bitcoin.


The price of Bitcoin recently dropped below the $65,000 mark, reaching a potential support level at approximately $62,850. There’s a possibility it may soon recover and start to rise again.

    Bitcoin is correcting below the $65,500 zone.
    The price is trading below $65,000 and the 100 hourly Simple moving average.
    There is a connecting bearish trend line with resistance at $63,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could start another increase if it stays above the $62,500 support zone.

Bitcoin Price Revisits Support

The Bitcoin price initiated a new drop after facing resistance at around $66,000. This digital currency has since broken through the $65,000 and $64,500 support zones, entering a temporary downtrend phase.

The cost dropped beneath $63,500 and reached a low at $62,883, where it’s currently holding steady following losses. At present, the price is trading below the 23.6% Fibonacci retracement level, which represents a significant pullback from the high of $66,055 to the low of $62,833.

currently, Bitcoin’s trade value hovers around $64,500 and follows the 100-hour Simple Moving Average. A potential rise may encounter resistance close to $63,500. Additionally, there exists a bearish trend line with resistance at $63,500 on the hourly BTC/USD chart.

Approximately at the $64,500 mark, a significant resistance point can be found. This level is nearly equivalent to the 50% Fibonacci retracement level during the price drop from the peak of $66,055 to its lowest point at $62,833.

Bitcoin Price Back at Support: Can It Avoid a Breakdown?

Breaking through the $64,500 barrier could propel the price upward, with potential resistance at $65,500 next. If the price manages to close above $65,500, it might lead to further increases. In this scenario, the price may continue to climb and approach the $66,200 resistance point. Any additional gains could potentially drive the price towards the $68,000 resistance area.

More Losses In BTC?

If Bitcoin doesn’t manage to break through the $63,500 barrier, it might keep falling instead. The closest support level can be found around $63,000.

The primary reinforcement can be found around $62,850. Currently, the secondary reinforcement is close to the $62,500 region. If there are further losses, the price could head towards the $61,200 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 – $62,850, followed by $62,500.

Major Resistance Levels – $63,500, and $64,500.

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2024-10-01 06:04