The price of Bitcoin is indicating a downward trend as it hovers beneath the significant resistance level at $63,000. In order to prevent a significant drop, Bitcoin needs to maintain its position above the critical support level at $60,000.
- Bitcoin is still struggling to start a recovery wave above the $63,000 resistance zone.
The price is trading below $62,800 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support at $62,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bearish momentum if it settles below the $60,000 support zone.
Bitcoin Price Struggle Continues
The price of Bitcoin climbed again, breaking through the barrier of $61,500. Not only did it surmount the challenges at $62,500 and $63,000, but it also peaked beyond $64,000. However, despite reaching this height, Bitcoin couldn’t overcome the significant resistance at $65,000.
At a price of $64,142, a peak was reached and then there was a significant drop. The bullish trend line connecting previous support points at $62,400 on the hourly Bitcoin-USD chart gave way, resulting in a fall below $60,800. The price subsequently touched $59,650 before rebounding.
Near $59,666, a low point formed and the price is now making an effort to bounce back. It has surpassed the 23.6% Fibonacci mark of the recent downward trend from the peak of $64,142 to the trough of $59,666.
The price of Bitcoin is currently hovering around $62,000 and below its 100-hour moving average. The next resistance point is at approximately $62,800. This level is also close to the 50% mark of the recent drop from the peak of $64,142 to the low of $59,666 based on the Fibonacci retracement calculation.
The initial significant hurdle for the price might be around $63,000. At present, the next potential resistance level is located at $64,200. Should the price successfully breach this resistance area, it could potentially escalate further, possibly reaching $65,000.
In simpler terms, Bitcoin could encounter significant resistance around the $66,500 mark in its upcoming price advance. If it continues to rise, it may push through to encounter further resistance at approximately $67,500.
More Losses In BTC?
If Bitcoin doesn’t manage to break through the $62,000 barrier, there’s a risk it may go back down. The nearest support can be found around $60,800.
$60,000 is the initial significant level of resistance. Should the price fall below this mark, it may initiate a downward trend towards $59,550. Further declines could potentially push the price towards the nearby support at $58,500.
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 – $60,800, followed by $60,000.
Major Resistance Levels – $62,000, $63,000, and $64,200.
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2024-04-19 10:10