As a seasoned crypto investor with battle scars from the 2017 bull run and the infamous crypto winter that followed, I’ve learned to read between the lines when it comes to Bitcoin price action. The current consolidation above the $60,000 support zone is a familiar sight, but it’s not a time for complacency.
The cost of Bitcoin is holding steady at levels above the $60,000 mark, suggesting it may be poised for further growth, as long as it doesn’t dip below the $60,000 level.
- Bitcoin is consolidating above the $60,000 support zone.
The price is trading below $61,500 and the 100 hourly Simple moving average.
There is a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $60,000 support zone.
Bitcoin Price Starts Consolidation
The cost of Bitcoin continued dropping after failing to break through the $62,350 barrier, reaching a temporary bearish phase. It broke past the $62,000 and $61,500 support points and fell below $60,500 momentarily.
At $60,000 a bottom was created, and currently, the price is holding steady amid minor losses. There was a slight uptick above $60,500. The value surpassed the 23.6% Fibonacci retracement level from the price fall between the $62,350 peak and the $60,000 trough.
Currently, Bitcoin’s price is below $61,500 and follows closely the 100-hour Simple Moving Average. If there’s a new rise in price, it may encounter resistance around $61,250. The initial significant resistance lies at $61,500 itself. Additionally, there is a notable bearish trend line that offers resistance at $61,550 on the hourly Bitcoin-to-USD chart.
The graph shows a nearly reached point close to where the 61.8% Fibonacci retracement level lies during the decline from the peak at $62,350 to the low of $60,000. Breaking through the resistance at $61,500 may cause the price to rise further, with a potential next resistance point being around $62,500.
If the price surpasses $62,500, it may propel further increases, potentially pushing it to challenge the $63,200 barrier. Beyond that, potential growth could drive the price towards the $65,000 threshold.
More Losses In BTC?
If Bitcoin doesn’t manage to break past the $61,500 barrier, it might keep going lower instead. The immediate support for any potential drop lies around the $60,500 mark.
In simpler terms, the primary resistance point is found around the $60,000 mark. The next potential support lies within the vicinity of $59,200. If there are further losses, the price might trend towards the $58,500 support in the immediate 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 – $60,500, followed by $60,000.
Major Resistance Levels – $61,500, and $62,500.
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2024-10-03 05:28