As a seasoned crypto investor who has navigated through numerous market fluctuations, I find the current Bitcoin price action intriguing. After a brief dip below $60,000, it appears that Bitcoin is consolidating above this support level, which is a positive sign.
The cost of Bitcoin is holding steady above the $60,000 floor. It appears Bitcoin might surge beyond the $61,200 and $61,500 thresholds next.
- Bitcoin is consolidating above the $60,000 support zone.
The price is trading below $61,750 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $60,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $61,200 resistance zone.
Bitcoin Price Signals Positive Moves
The cost of Bitcoin dropped beneath its previous support at $61,200, breaking through the resistance levels at $60,500 and $60,200, causing a temporary downturn in its value, pushing it below $60,000 momentarily.
At $59,850, a dip occurred and currently, the price is holding steady following this decline. There was a slight rise that surpassed the $60,450 mark. Moreover, the price has moved beyond the 50% Fibonacci retracement line of the drop from the peak of $62,350 to the trough of $59,850.
On the BTC/USD chart, a break above a significant bearish trend line with a resistance level at approximately $60,850 was observed on the hourly view. Currently, Bitcoin’s price is under $61,750 and below the 100-hour Simple Moving Average.
Looking on a positive note, there’s a possibility that the price may encounter hurdles around the $61,400 mark. The initial significant barrier lies near the $61,750 level or at the 76.4% Fibonacci retracement level of the fall from the peak of $62,350 to the trough of $59,850. Overcoming this $61,750 barrier might propel the price upward. The next potential resistance could be found at $62,350.
If the price breaks through the $62,350 barrier, it may trigger further increases. Under such circumstances, the price could potentially reach and challenge the resistance at $62,850. Should additional gains occur, the price might push towards the $63,200 resistance level.
Another Decline In BTC?
If Bitcoin doesn’t break through the resistance at $61,750, it might initiate a new drop in price. The nearest support can be found around the $60,450 mark if it does decline.
As a crypto investor, I’m keeping an eye on the market and noticing that the first significant support for my investment lies around the $60,000 mark. Should we see any further dips, the price might head towards the next support zone, which is close to $59,850. If things continue unfavorably, the near-term outlook could see us testing the $58,800 level as a new support.
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 – $60,450, followed by $60,000.
Major Resistance Levels – $61,400, and $61,750.
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2024-10-04 05:46