As a seasoned crypto investor with several years of experience under my belt, I’ve seen Bitcoin’s price action through various market cycles. The recent dip below the $62,000 mark was concerning, but the support at $60,600 held firm, and the price has since started recovering.
The price of Bitcoin rebounded slightly around the $60,600 mark. However, potential sellers may continue to challenge its advance at the $63,200 hurdle.
- Bitcoin tested the $60,60 support zone and started a recovery wave.
The price is trading near $63,000 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $62,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if there is a close above $63,200 and the 100 hourly Simple moving average.
Bitcoin Price Starts Recovery
As a crypto investor, I’ve seen Bitcoin’s price take a hit, falling below the $62,000 and $61,200 support levels. The downward trend continued until we reached a low at around $60,650. However, the bulls have now emerged near the $60,600 zone, signaling a potential correction of these losses.
Above the $61,200 and $62,000 thresholds, the price advanced, surmounting the 23.6% Fibonacci retracement mark of the recent decline from the peak of $65,500 to the trough of $60,650. Additionally, there was a breach above a significant bearish trendline, featuring resistance at $62,000 on the hourly chart for BTC/USD pair.
Bitcoin currently hovers around the price mark of $63,000 and the 100-hour SMA. The immediate barrier to advancement lies at $63,000 itself. The initial significant hurdle for Bitcoin might be located at $63,200 or the 50% Fibonacci retracement level of the recent decline from the $65,500 peak to the $60,650 trough, or the 100-hour SMA.
In the current market scenario, a potential new resistance level lies at $64,350. A decisive break above this level may lead to further price growth. The primary resistance, meanwhile, is located at $65,500. Should the price surpass this barrier, it could potentially advance toward $67,500.
More Downsides In BTC?
As a crypto investor, I’ve noticed that Bitcoin has been struggling to break through the $63,200 resistance level lately. If it fails to do so, there’s a strong possibility of another decline. On the downside, I see some support near the $62,400 mark.
If the price falls significantly below the initial significant support at $62,000, it may trigger a downward trend towards the next supports at $61,200 and potentially even further down to the $60,600 area.
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 – $62,000, followed by $60,600.
Major Resistance Levels – $63,000, $63,200, and $64,350.
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2024-05-10 06:06