As a seasoned crypto investor with years of experience under my belt, I’ve seen Bitcoin rise and fall more times than I can count. The latest dip to $62,500 doesn’t faze me, it’s just another chapter in the rollercoaster ride that is Bitcoin.
The price of Bitcoin dipped after hitting a peak at around $64,750, but it remains above its current support level of approximately $62,500. It’s possible that Bitcoin could see another surge higher in the near future.
- Bitcoin is consolidating gains below the $63,800 resistance zone.
The price is trading below $63,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line with resistance at $63,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if there is a clear move above the $63,700 resistance zone.
Bitcoin Price Revisits $62,500
Initially, Bitcoin’s price dropped when it couldn’t surpass the $64,750 barrier. The cryptocurrency then fell below the support of $64,000 and $63,500, with a brief dip even below $63,000.
At $63,673 a bottom was created, and currently, the value is holding steady amidst consolidation following losses. There’s been an upward trend surpassing the $63,000 mark. The price has also risen above the 23.6% Fibonacci retracement level of the downward swing from the peak at $64,770 to the trough at $62,673.
Currently, Bitcoin’s price hovers around $63,500 and just below its 100-hour Simple Moving Average. If there is a new surge, the price might encounter resistance near $63,250. Additionally, there’s an emerging bearish trend line offering resistance at approximately $63,300 on the hourly BTC/USD chart.
Initially, a significant barrier lies around the $63,700 mark. Breaking through this barrier at $63,700 may push the price upward. Potential next hurdles might be the $64,000 level or the 61.8% Fibonacci retracement level stemming from the downswing between the peak at $64,770 and the trough at $62,673. If we surpass the $64,000 barrier, it could lead to further gains, potentially pushing the price up to challenge the resistance at $64,750.
More Losses In BTC?
If Bitcoin can’t break through the $63,700 barrier, it might keep falling instead. The nearest potential floor would be around $63,000.
The primary reinforcement lies around the $62,500 region. Currently, another support is close to the $62,000 area. If there are further declines, the cost could head towards the nearby $61,200 support.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $63,000, followed by $62,500.
Major Resistance Levels – $63,600, and $64,000.
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2024-09-26 05:46