Bitcoin Price Reaches Rejection Zone: Can It Overcome the Resistance?

As a seasoned crypto investor with a few years of experience under my belt, I’ve seen Bitcoin (BTC) price fluctuations time and again. Today, the BTC price recovered above the $62,000 resistance zone, but it must clear the $62,500 resistance to continue higher in the near term.

As an analyst, I’ve observed that Bitcoin‘s price has bounced back, surpassing the significant resistance level at $62,000. However, for further growth in the short term, it is essential for Bitcoin to conquer the next resistance at $62,500.

    Bitcoin started a recovery wave above the $61,500 and $62,000 levels.
    The price is trading below $63,000 and the 100 hourly Simple moving average.
    There is a key bearish trend line forming with resistance at $62,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair might struggle to rise above the $62,500 and $63,000 resistance levels.

Bitcoin Price Faces Resistance

As a researcher studying Bitcoin’s price movements, I’ve observed that the cryptocurrency dipped below the $60,000 support mark, reaching as low as $58,448 at one point. However, the bulls managed to reemerge, leading to an uptick in price and a correction of some losses above the $60,000 level.

The price surpassed the 50% mark of the Fibonacci retracement line in its downward trend from the peak at $64,460 to the low point of $58,448. It also exceeded the significant resistance level of $62,000. Nevertheless, Bitcoin’s price remains under $63,000 and is yet to break above the 100-hour Simple Moving Average.

The price appears to be encountering rejection at the $62,500 resistance area, as we touched upon yesterday. A significant bearish trend line is emerging on the hourly chart of BTC/USD, with a resistance level at $62,500. This level aligns closely with the 61.8% Fibonacci retracement mark of the downward price movement from the peak of $64,460 to the trough of $58,448.

Bitcoin Price Reaches Rejection Zone: Can It Overcome the Resistance?

If we reach $63,000 as the next significant resistance point, surpassing it could lead to a sustained upward trend, potentially pushing the price even higher towards $63,500. Any further advancements might then propel Bitcoin towards the nearby resistance at $65,000.

Another Decline In BTC?

If Bitcoin is unable to surpass the $62,500 resistance point, there’s a risk of another price drop. The nearest support for Bitcoin lies around the $60,500 mark.

Initially, the significant resistance lies at $60,000. A new support is emerging close to $59,500. If the price continues to drop, it may push towards the $58,500 area as the next near-term support.

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 – $60,500, followed by $60,000.

Major Resistance Levels – $62,500, and $63,000.

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2024-06-26 05:46