Bitcoin Struggles to Break Resistance
Bitcoin is facing challenges in breaking above the $65,000 resistance area, with the price currently hovering below $63,000 and the 100 hourly Simple Moving Average. A crucial bearish trend line has formed with resistance at $62,650 on the hourly chart of the BTC/USD pair. The next major hurdle for Bitcoin lies at the $65,000 level, with the possibility of further gains towards $66,500 if this resistance is breached.
- Bitcoin is finding it difficult to surpass the $65,000 resistance zone.
- The price is currently trading below $63,000 and the 100 hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $62,650.
- A breakout above $63,000 could lead to a bullish momentum.
Bitcoin Price Struggle Continues
Bitcoin’s price struggled to overcome the $64,500 resistance zone, resulting in a short-term peak at $64,450 followed by a downward trend. The price dipped below $63,000 and $62,000 levels, even reaching as low as $60,000 before bouncing back. Currently, Bitcoin is attempting a recovery, climbing above the 23.6% Fibonacci retracement level from the recent swing high to the low.
- Bitcoin failed to breach the $64,500 resistance zone and started to decline.
- The price dropped below $63,000 and $62,000 levels.
- A short-term low was formed near $59,700.
- The price is now in a recovery phase, aiming to surpass key resistance levels.
Potential for Further Losses in BTC
If Bitcoin struggles to break the $63,000 resistance barrier, it could face additional losses. Immediate support is anticipated near the $60,800 level, with the first major support at $60,000. Following a potential drop below $60,000, the price might continue its descent towards the $59,200 support zone, with further losses potentially leading to the $58,500 level.
- Bitcoin may experience further losses if it fails to surpass $63,000.
- Immediate support is expected at $60,800.
- A break below $60,000 could trigger a downward movement towards $59,200.
- Further losses might push the price to the $58,500 support area.
Technical Indicators Point to Bearish Signals
Bitcoin’s hourly MACD is currently showing signs of weakness in the bearish zone, while the RSI for BTC/USD has dipped below the 50 level. Key support levels to watch include $60,800 and $60,000, while major resistance levels are at $62,650, $63,000, and $64,500.
Hot Take: Bitcoin Struggles Amid Resistance Challenges
Bitcoin continues to grapple with resistance near the $65,000 level, facing hurdles in surpassing key price barriers. With the price hovering below the $63,000 mark and the 100 hourly Simple Moving Average, Bitcoin’s next move remains uncertain. Traders are closely monitoring the $62,650 resistance level, as a breakout above this point could signal a potential bullish trend. However, failure to breach the $63,000 resistance zone may result in further downside momentum for Bitcoin in the near term.
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