As a researcher with experience in cryptocurrency markets, I believe that Bitcoin’s price action is currently exhibiting some interesting trends. Based on the data from Kraken and my analysis of the hourly chart, it appears that Bitcoin is trading within a range between $60,000 and $63,500.
The price of Bitcoin is currently clinging to the significant support level at $60,000. A potential uptrend might ensue, propelling Bitcoin further up to encounter resistance around $63,500.
- Bitcoin is still trading in a range between $60,000 and $63,500.
The price is trading above $61,500 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears $62,200 and $62,500.
Bitcoin Price Remains Steady
The price of Bitcoin took a dip once again from the $63,500 mark where it faced resistance. The cryptocurrency dipped below the support levels of $62,500 and $62,200. A new low was reached at $61,000, following which there were signs of a recovery.
The price of Bitcoin surpassed the resistance levels at $61,250 and $61,500. Additionally, there was a breakthrough of a bearish trend line with a resistance level at $61,550 on the hourly chart of BTC/USD pair. The price also exceeded the 23.6% Fibonacci retracement level of the recent drop from the peak of $63,400 to the low of $61,000.
Bitcoins current price hovers above $61,500 and the 100-hour moving average. The next resistance lies at approximately $62,200 or the halfway point of the recent dip from the peak of $63,400 to the low of $61,000.
As a crypto investor, I see the first significant barrier for the price lying at $62,500. The next notable level of resistance is around $63,000. Overcoming this resistance might result in further upward momentum. Currently, the primary resistance stands firm at $63,500. Should we manage to close above this hurdle, the price could potentially surge towards $65,000.
Another Drop In BTC?
If Bitcoin is unable to surpass the $62,500 threshold, there’s a possibility of another price drop. The nearest support lies around the $61,550 mark and the 100-hour SMA.
Should the price fail to hold above the initial significant resistance at $61,000, a downward trend may ensue, potentially leading the price to test the next support levels at $60,400 and further down towards the $60,000 zone in the near future.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,550, followed by $61,000.
Major Resistance Levels – $62,200, $62,500, and $63,500.
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2024-05-15 06:40