Bitcoin Price Stuck In Key Range, What Could Spark Major Move?

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As a researcher with a background in financial markets and experience in analyzing cryptocurrency price movements, I believe that Bitcoin is currently trading within a range between $60,000 and $63,500. The price has managed to recover above the $61,800 support level and the 100 hourly Simple moving average. However, it faces resistance near the $63,500 zone, which if not surpassed, could lead to another decline.

The price of Bitcoin held strong above the $60,000 threshold, allowing it to rebound and encounter challenges at the $63,500 resistance level.

    Bitcoin seems to be trading in a range between $60,000 and $63,500.
    The price is trading above $61,800 and the 100 hourly Simple moving average.
    There was a break above a major bearish trend line with resistance at $61,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could rally if it clears $63,500 or might revisit the range support at $60,000.

Bitcoin Price Trims Gains

The price of Bitcoin dipped beneath the $60,800 mark, which had previously functioned as a support level. Nevertheless, buyers showed resistance below $60,000 and managed to create a low at $60,220. Since then, Bitcoin has started to rebound.

Above the $61,000 and $61,200 thresholds, a significant advance occurred. Additionally, there was a breach of a major bearish trendline with resistance at $61,400 on the hourly Bitcoin-USD chart. Subsequently, the pair surged back towards the formidable barrier at $63,500.

At a peak of $63,400, a new high was established. Currently, the price is stabilizing after this rise. It previously dipped below the 23.6% Fibonacci retracement mark during this uptrend, which started from the swing low at $60,220 and reached its height at $63,400.

As a crypto investor, I’m observing that Bitcoin is currently trading above the $62,000 mark and is being supported by the 100 hourly Simple Moving Average. The next hurdle for the price to overcome is at around $62,800. If Bitcoin manages to breach this resistance level, then the first major resistance might be encountered at $63,000. Beyond that, the next significant resistance could be located at $63,500. A decisive break above the $63,200 resistance could potentially propel the price even higher.

As an analyst, I’d say: The current major hurdle for the price lies at $63,500. Should we manage to break above this resistance level, the price may continue its upward trend and potentially reach towards $65,000.

Another Decline In BTC?

If Bitcoin is unable to surpass the $63,200 mark of resistance, there’s a strong possibility it may initiate another drop. The nearest support lies around the $62,200 region.

The first significant resistance level is at $61,800 or the 50% Fibonacci retracement mark of the price surge from $60,220 swing low to $63,400 peak. If the price closes below $61,800, it may trigger a decline towards $61,200. Further losses could push the price downward towards the near-term support zone of $60,250.

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 near the 50 level.

Major Support Levels – $61,800, followed by $61,200.

Major Resistance Levels – $63,200, $63,500, and $65,000.

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2024-05-14 07:52