As a researcher with extensive experience in the cryptocurrency market, I’ve observed Bitcoin’s price struggle to break above the $63,650 resistance zone. The repeated failure to surpass this level has resulted in a correction, and the price is now trading below both the 100 hourly Simple moving average and the $62,500 support.
The price of Bitcoin didn’t manage to rise further beyond the $63,650 mark. As a result, Bitcoin is currently in correction mode and could potentially drop back down towards the $60,850 support level.
- Bitcoin started a downside correction from the $63,650 resistance zone.
The price is trading below $62,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might struggle to start a fresh increase above the $62,250 resistance zone.
Bitcoin Price Dips Again
The price of Bitcoin had a hard time surpassing the barriers at $63,650 and $63,800. Reaching a peak of $63,798, the value then began to decline.
The price fell beneath the $63,000 mark, giving way to bearish pressure that drove it down further past the $62,500 threshold and below the 100-hour Simple Moving Average. Additionally, there was a break below the 50% Fibonacci retracement level of the price surge from the $59,951 low to the $63,798 peak.
The price of Bitcoin currently hovers around $62,500 and under its 100-hour moving average. A bearish trendline is emerging on the hourly chart of the BTC/USD pair, with resistance at $61,850.
The bulls are currently defending the $61,400 region and the 61.8% Fibonacci retracement mark of their recent uptrend, which extends from the $59,951 swing low to the $63,798 high. Should prices rise further, they may encounter resistance around $61,850 and at the trend line.
At approximately $62,250, there’s a significant resistance point for the price. Another potential resistance level lies around $62,500. Breaking through $62,500 could trigger a consistent uptrend and potentially push the price upwards further.
If the situation at hand plays out as described, there’s a possibility that the price will increase and challenge the $63,250 resistance level. Should it continue to climb, Bitcoin may approach the closer resistance of $63,650 in the short term.
More Losses In BTC?
Should Bitcoin be unable to surpass the $62,250 barrier, there’s a chance it may descend further. A noteworthy support lies around the $61,400 mark in case of such a scenario.
As an analyst, I’d interpret the current market situation as follows: My initial assessment identified $60,850 as a significant support level. More recently, however, a new potential support is emerging around $60,500. Should the price continue to weaken, it may drop further towards the $60,000 support 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 – $61,400, followed by $60,850.
Major Resistance Levels – $62,250, and $62,500.
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2024-07-03 06:06