Bitcoin price has once again faced a negative trend as it failed to recover above the $63,500 level. The downward movement started after BTC struggled above $63,000 and faced a strong decline below the $62,000 and $61,500 levels. This has raised concerns among investors who were hoping for a positive market movement.
At present, the price of Bitcoin stands below $61,500 and the 100 hourly Simple Moving Average. The formation of a key bearish trend line with resistance at $62,400 on the hourly chart indicates a challenging path ahead for Bitcoin. While there might be a potential correction upwards, the upside movements are expected to be limited above the $62,000 resistance zone.
In the event of a recovery wave, Bitcoin could face resistance near the $61,500 level. The first major resistance lies at $62,150 or the 50% Fib retracement level from the recent downward move. The subsequent key resistance is at $62,500, with a bearish trend line forming at $62,400 on the hourly chart. A clear breakthrough above the $62,500 resistance could pave the way for a steady increase in price towards the $63,500 resistance.
On the downside, immediate support is anticipated near the $61,200 level, followed by a major support at $60,000. Further support is expected to form near $58,500, with potential price movement towards the $57,000 support zone in the near future.
As per the technical indicators, the hourly MACD is gaining pace in the bearish zone, signaling a stronger bearish trend. The Hourly RSI for BTC/USD is below the 50 level, adding to the negative sentiment in the market.
The current scenario in the Bitcoin market is reflecting a bearish momentum with limited upside potential. Investors need to closely monitor the resistance and support levels mentioned above to make informed decisions regarding their trading strategies.
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