As a seasoned researcher with years of experience in analyzing cryptocurrency markets, I must say that the recent dip in Bitcoin price is not surprising, given the volatility we often see in this sector. The current resistance at $60,800 seems to be a formidable obstacle for BTC, and if it fails to break through, we might witness another round of downside.
The cost of Bitcoin continued to drop and dipped below $60,000. Currently, it’s trying to bounce back but encountering resistance around $60,800.
- Bitcoin is struggling to start a fresh increase above the $61,200 zone.
The price is trading below $61,000 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $60,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could struggle to recover if it stays below the $62,000 resistance zone.
Bitcoin Price Falls Again
The value of Bitcoin didn’t manage to surge past $62,000 for a new upward trend, instead, it began a downward movement. Bitcoin’s price dropped below both $61,500 and $60,500 levels, even breaching the support at $60,000.
At $58,888 a bottom was established, and the value has since stabilized, showing signs of consolidation after incurring losses. There was a slight surge that pushed the price above the $60,000 mark. The price managed to rise beyond the 23.6% Fibonacci retracement level from the high of $64,420 to the low of $58,888.
Currently, Bitcoin’s trading value is dipping below the $61,000 mark and the 100-hour Simple Moving Average. If it rises, there might be a barrier at approximately $60,800. Moreover, a significant bearish trend line is shaping up on the hourly BTC/USD chart, with potential resistance at the same $60,800 level.
The first key resistance is near the $61,650 level or the 50% Fib retracement level of the downward move from the $64,420 swing high to the $58,888 low. A clear move above the $61,650 resistance might send the price higher. The next key resistance could be $62,000.
If the price surpasses $62,000, it could potentially trigger further increases. This could lead the price to challenge the resistance at $63,200 and possibly even advance towards the $64,000 resistance point if more gains occur.
More Downsides In BTC?
If Bitcoin doesn’t manage to break through the $60,800 barrier, there might be a new drop in price. The lowest point of immediate support can be found around $59,600.
In simpler terms, the initial significant backup is around $58,850. The following backup point is currently close to the $58,500 region. If there are further drops, the price could potentially move towards the $57,200 backup area in the near future.
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 – $59,600, followed by $58,850.
Major Resistance Levels – $60,800, and $61,650.
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2024-10-11 06:04