As a researcher with experience in cryptocurrency markets, I’ve seen Bitcoin’s price volatility firsthand. Based on the current trend, it appears that BTC failed to gain momentum above the $62,850 resistance level and instead tumbled 5% to test the $58,000 support zone.
As a crypto investor, I’ve noticed that Bitcoin‘s price attempts to break through the resistance level of $62,850 have been unsuccessful recently. Consequently, BTC has initiated another downward trend and dropped approximately 5% to challenge the support at $58,000.
- Bitcoin started a fresh decline and traded below the $60,000 zone.
The price is trading below $61,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might struggle to start a fresh increase above the $60,850 resistance zone.
Bitcoin Price Dives 5%
As a crypto investor, I’ve noticed that Bitcoin’s price has had a tough time bouncing back above the $62,850 resistance point. Unfortunately, the bears have taken charge and managed to drag the price down below the crucial $61,200 support level. This bearish trend culminated in a significant drop below the $60,000 mark.
The price dropped by 5%, reaching as low as $57,890. Following this decline, the cost has been stabilizing, known as consolidating losses. There was a brief rise above $58,500 and is currently approaching the 23.6% Fibonacci retracement level, which marks a potential resistance point following the downward trend from the peak of $63,798 to the low of $57,890.
The current price of Bitcoin hovers around $61,500 on the hourly chart, falling below both the Bitcoin price and the 100-hour Simple Moving Average (SMA). Additionally, a bearish trendline is forming, providing resistance at $60,000.
As a crypto investor, I’ve noticed that when the price experiences a significant uptick, it often encounters resistance around the $60,000 mark and the trendline. The initial resistance level can be found near $60,850, which also aligns with the 50% Fibonacci retracement level of the downward price action from the peak of $63,798 to the low of $57,890.
As a crypto investor, I believe the next significant resistance for Bitcoin (BTC) lies around the $61,500 mark. If we manage to break above this level, it could lead to a steady uptrend and potentially push the price upwards. In such a scenario, the price might challenge the $62,250 resistance next. Should BTC surmount this hurdle, we could see further gains pushing the price towards the near-term resistance at around $63,500.
More Losses In BTC?
As a Bitcoin analyst, I would interpret the current price action as follows: If Bitcoin cannot break through the resistance at $60,000, there’s a strong possibility it may head south. The nearest support lies around the $58,250 mark.
In simpler terms, the price of the asset has a significant resistance level at $58,000. A new support is emerging around $57,800. If the price drops further, it could potentially fall towards the $56,500 area in the short term.
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 – $58,250, followed by $58,000.
Major Resistance Levels – $59,250, and $60,000.
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2024-07-04 06:08