Bitcoin failed to rise above $63,650. BTC may now be retracing its gains, and could revisit the support of $60,850.
- Bitcoin has started to correct downwards from the resistance zone of $63,650.
- The current price of the stock is lower than $62,500, and below 100-hour Simple Moving average.
- On the hourly BTC/USD chart, there is a bearish line connecting with resistance of $61,850 (data from Kraken).
- This pair may struggle to increase again above the resistance level of $62,250.
Bitcoin Prices Drop Again
Bitcoin Price struggled to maintain gains over the previous day. $63,650 and $63,800 resistance levels. The price began a downward correction after forming a high at $63,798.
Price dropped below $63,000. Bears managed to drive it down below $62,500 and the Simple Moving Average 100-hourly. The bears also moved below the 50 percent Fib level of the move upward from the swing low at $59,951 to the high at $63,798.
Bitcoin is currently trading at a price below $62,500. 100 hourly Simple moving average. On the hourly BTC/USD chart, there is a bearish connecting trend line with resistance of $61,850.
The bulls have now begun to try and protect the $61,400 level, which is the 61.8% Fib Retracement Level of the move upward from the $59951 swing-low to the $63,798 peak. The price may face some resistance at the $61,850 and trendline levels if there’s another rise.
First key resistance near $62,250. Next, the key resistance may be at $62,500. If the market moves above $62,500, it could start a gradual increase.
The price may rise in this case and try to test the resistance of $63,250. BTC could reach the $63,650 barrier in the short term if it gains more.
BTC: More losses in the BTC market?
Bitcoin may continue its downward trend if it cannot break the $62,250 zone of resistance. Near the $61,400 mark, there is immediate support for the downside.
First major support $60,850. Now, the next major support zone is forming around $60,500. If the market continues to fall, it could soon reach the support level of $60,000.
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 – $61,400, followed by $60,850.
Major Resistance Levels – $62,250, and $62,500.
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Source: www.newsbtc.com
