Bitcoin Price Faces Potential Dive: Key Support Levels to Monitor

As an experienced analyst, I’ve seen my fair share of market fluctuations in the cryptocurrency space. Based on the current trend of Bitcoin (BTC), it appears that the price is showing bearish signs and may decline again below the $60,000 support.

As a market analyst, I’ve observed that Bitcoin‘s attempt to break through the $62,500 price mark was unsuccessful. Current trends suggest a bearish outlook for Bitcoin, potentially leading to another decline in value below the $60,000 support level.

    Bitcoin struggled to recover above the $62,200 and $62,500 levels.
    The price is trading below $62,000 and the 100 hourly Simple moving average.
    There is a major bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair might start another decline unless there is a close above the $62,000 resistance zone.

Bitcoin Price Remains At Risk

The price of Bitcoin rebounded above the $61,200 threshold and made an attempt to surge past the $62,000 mark. Despite this effort, sellers remained strong around the $62,500 level.

At $62,454, a peak was reached and the value has since started dropping. We saw a price drop below the $61,500 mark. The downward trend continued, pushing the price beneath the 23.6% Fibonacci retracement level of the advance from the $58,448 trough to the $62,454 peak.

The price of Bitcoin hovers around $61,850 on the hourly chart and is currently below both the $62,000 mark and the 100-hour Simple Moving Average. Additionally, a significant bearish trend line is emerging in this same timeframe with resistance at $61,850.

As a researcher studying the cryptocurrency market, I have observed that the price has settled above the 50% Fibonacci retracement level following its upward move from the swing low of $58,448 to the high of $62,454. Should there be another price surge, the resistance levels to look out for would be around $61,500 and potentially near the $61,850 mark and the trendline.

Bitcoin Price Faces Potential Dive: Key Support Levels to Monitor

If we reach $62,000 as the next significant resistance point, a decisive break above this level could lead to a consistent upward trend and potentially take the price to new heights. In such a scenario, BTC may challenge the resistance at $62,500 before aiming for $63,500 in the short term.

More Losses In BTC?

Should Bitcoin be unable to surpass the $62,000 barrier, there’s a risk of another price drop. A cushion lies in the vicinity at around $60,450, acting as support if prices fall.

As a market analyst, I would interpret the current situation as follows: My initial assessment places the first significant level of support around $60,000. However, I’ve noticed a developing potential support area emerging near $59,500. Should further declines occur, it is likely that the price may head towards the $58,500 zone in the short term as an additional layer of support.

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 – $60,500, followed by $60,000.

Major Resistance Levels – $62,000, and $62,500.

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2024-06-27 06:23