As a seasoned crypto investor with a decade of experience under my belt, I’ve seen Bitcoin’s rollercoaster ride more times than I can count. This latest dip below $63,500 is just another chapter in this epic tale.
The price of Bitcoin has recently dropped below $63,500, indicating a new downtrend. Currently, Bitcoin is stabilizing over $60,000, potentially encountering several obstacles as it attempts to rise further.
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Bitcoin is down over 5% from the $65,000 resistance zone.
The price is trading below $63,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $60,500 support zone.
Bitcoin Price Takes Hit
Initially, the cost of Bitcoin dipped following a resistance at around $65,000. The digital currency subsequently breached the support levels of $64,000 and $63,500, causing it to enter a brief period of downward trend.
The cost plummeted to a point below $61,500 and reached its lowest at $60,281. Now, it seems to be stabilizing after incurring losses. At present, the price is being traded close to the 23.6% Fibonacci retracement level of the downward trend that started from the high of $66,055 and ended at the low of $60,281.
Currently, Bitcoin’s price hovers below the $62,500 mark and slightly under its 100-hour moving average. If there’s a new rise in prices, it might encounter resistance around $61,650. The initial significant resistance can be found near $62,500, while there is also an emerging bearish trend line that offers resistance at approximately $62,800 on the hourly BTC/USD chart.
Breaking through the $62,800 barrier could potentially propel the price upward, with the next significant resistance possibly found at around $63,200. This level is near the 50% Fibonacci retracement point of the drop from the peak of $66,055 to the low of $60,281.
Breaking through the $63,200 barrier could potentially trigger further increases in the price, pushing it up to challenge the $64,000 resistance. If this happens, the price may continue to climb and aim for the $65,000 resistance level.
More Losses In BTC?
If Bitcoin doesn’t break through the $62,800 barrier, it might keep falling instead. The nearest support for potential price drops lies around the $61,000 mark.
The primary reinforcement lies around the $60,500 region. Currently, another support is close to the $60,000 area. If there are further losses, the value could trend towards the nearby $58,500 support in the short run.
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 – $60,500, followed by $60,000.
Major Resistance Levels – $61,650, and $62,800.
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2024-10-02 06:04