Bitcoin’s price recently faced a hurdle while trying to surpass the $63,650 resistance zone, leading to a correction in its value. The cryptocurrency is currently retracing its gains and eyeing a potential revisit to the $60,850 support level. This downward correction comes after a failed attempt at breaking above key resistance levels.
The price of Bitcoin has dropped below $62,500 and the crucial 100 hourly Simple Moving Average, indicating a bearish sentiment in the market. Additionally, a bearish trend line is forming with resistance at $61,850 on the BTC/USD hourly chart, further confirming the current downward trend. The bulls are now focusing on defending the $61,400 zone and the 61.8% Fibonacci retracement level to prevent further losses.
In the event of a reversal, Bitcoin may face hurdles near the $62,250 and $62,500 levels before potentially retesting the $63,250 resistance. However, failure to break above the $62,250 resistance could lead to continued downside momentum. Immediate support is seen near $61,400, followed by a major support level at $60,850. Further losses might push the price towards the $60,500 and $60,000 support areas in the short term.
Analyzing the technical indicators, the hourly MACD is gaining bearish momentum, suggesting a further decline in Bitcoin’s price. The hourly RSI for BTC/USD is currently below the 50 level, indicating weakening bullish strength in the market. These indicators align with the overall market sentiment and suggest a potential continuation of the existing downward trend.
The recent correction in Bitcoin’s price highlights the challenges faced by the cryptocurrency in surpassing key resistance levels. As the market dynamics evolve, traders and investors will closely monitor price movements and key support levels to gauge the potential direction of Bitcoin’s future trend.
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