As a seasoned crypto investor with a few years of experience under my belt, I’ve seen Bitcoin’s price volatility firsthand. The recent decline in Bitcoin from the $62,000 resistance zone is a familiar pattern to me. It’s disheartening to see BTC trading below $61,000 and the 100 hourly Simple moving average once again.
The price of Bitcoin took a downturn after hitting the resistance at $62,000. Currently, Bitcoin is on a slide and could potentially fall further below the $60,000 threshold.
- Bitcoin started a fresh decline after it failed near $62,000.
The price is trading below $61,000 and the 100 hourly Simple moving average.
There was a break below a bearish flag pattern with support near $60,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bearish momentum if there is a close below the $60,000 level.
Bitcoin Price Signals Breakdown
As a crypto investor, I’ve noticed that Bitcoin’s price took a dip and hit the support zone around $60,250. Following this, BTC began to bounce back and regained ground above the 23.6% Fibonacci retracement level, which was at approximately $61,894 in our current downtrend from the $63,217 peak to the $60,250 low.
As a researcher studying Bitcoin price action, I’ve observed that bears became more active around the $61,800 resistance level. They didn’t let the 50% Fibonacci retracement level of the decline from the $63,217 peak to the $60,250 trough slip away. A fresh wave of bearish sentiment emerged beneath the $61,200 support area.
On the hourly chart for BTC/USD, the bearish flag pattern was breached at the $60,950 support level, causing Bitcoin to dip below $61,000 and fall beneath the 100 hourly SMA.
Near the $61,200 mark, you’ll encounter strong resistance. The initial resistance level may be around $62,000 or the 100-hour Simple Moving Average. The next significant resistance lies at approximately $62,500. Clearing this hurdle could potentially push the price upward.
As a crypto investor, I currently observe the major resistance level lying at $63,500. Should the price manage to break above this resistance zone in a close, we can expect further upward momentum. In such a scenario, the price may potentially reach towards $65,000.
More Downsides In BTC?
Should Bitcoin be unable to surpass the $61,200 mark of resistance, it may instead head in a downward direction. The level of support lies around $60,500.
Should the price fail to hold above the significant level of $60,000, it may initiate a downward trend towards the next supports at $58,500. Further declines could potentially push the price towards the nearby support area around $56,650.
Technical indicators:
Hourly MACD – The MACD is now gaining 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 – $61,200, $62,200, and $62,500.
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2024-05-13 06:40