Bitcoin’s price has started to show signs of decline below the resistance level $63,000. BTC needs to stay above the $60k support level in order to prevent a significant decline.
- Bitcoin has yet to begin a wave of recovery above the $63,000 zone.
- This price trades below both the 100-hour Simple Moving average and $62,800.
- The hourly chart shows a breakout below the bullish trendline with support of $62,400. (Data feed by Kraken).
- It is possible that the pair will gain a negative momentum, if it falls below $60,000 in support.
Bitcoin Price Battle Continues
The Bitcoin price has started to rise again. $61,500 resistance zone. BTC has cleared resistance levels of $62,500 and 63,000. The price even rose above $64,000 before failing to reach the $65,000 key level.
Before a rapid decline, a high of $64,142 was reached. On the hourly BTC/USD chart, there was a breakdown below the connecting bullish line that provided support at $62,400. The pair plunged under the $60,800 mark and then retested $59,000.
The price has now attempted to recover from a low near $56,666. The price has risen above the level of 23.6% Fib of the recent drop from the swing high at $64,142 to the low at $59 666.
Bitcoin Price is below $62,800 100 hourly Simple moving average. The immediate resistance level is around $62,000. This is near the Fib 50% retracement of the recent drop from the swing high at $64,142 to the low at $59,666.
It is possible that the first significant resistance would be around $63,000. First, you might have to pay $63,000. next Resistance is currently at $64,200. Price could move higher if the zone of resistance at $64,200 is clearly broken. The price may rise to $65,000 in the case stated.
Source: BTCUSD on TradingView.com
It is important to note that the word “you” means “you”. next Major resistance lies near $66,500. Bitcoin’s near-term gains could push it towards the resistance level of $67,500.
BTC Losses Increased?
Bitcoin’s decline could be accelerated if the currency fails to move above $62,000. Support for Bitcoin’s downside near $60,800 is immediate.
First, the first big support level is $60.000. The price may start dropping towards the $58,550 support level if there’s a close under $60,000. In the short term, any further losses could send the price towards the $58,500 level of support.
Indicators of 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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