Bitcoin Price Movements
Bitcoin has been trading within a range of $60,000 and $63,500, showing signs of stability. The cryptocurrency currently sits above $61,800 and the 100-hourly Simple Moving Average, indicating a positive trend. There was a notable breakthrough above a key bearish trend line with resistance at $61,400 on the BTC/USD hourly chart sourced from Kraken exchange. The next potential move for the pair is contingent on surpassing $63,500 or revisiting support at $60,000.
Bitcoin Price Trims Gains
Bitcoin faced a slight downtrend below the $60,800 support level before finding strong buyer interest near $60,000. The price rebounded from a low of $60,220 and initiated an upwards trajectory. Subsequently, Bitcoin rose above $61,000 and $61,200, leading to a breakout above the aforementioned bearish trend line resistance at $61,400. This surge propelled the pair to challenge the significant barrier at $63,500.
- Bitcoin encountered resistance at $63,400 before consolidating its gains.
- It dipped below the 23.6% Fib retracement level from the swing low of $60,220 to the high of $63,400.
- The cryptocurrency is maintaining levels above $62,000 and the 100-hourly SMA.
Potential for Another Decline
If Bitcoin struggles to breach the $63,200 resistance threshold, a new downtrend could emerge. The immediate support level to monitor is around $62,200. Further downward movement might test the initial major support at $61,800 or the 50% Fib retracement level. If selling pressure intensifies, the price could target the $61,200 mark and potentially dip towards the $60,250 support area in the short term.
- Hourly MACD: Signals a decrease in bullish momentum.
- Hourly RSI: Approaching the 50 level, signaling neutral sentiment.
- Key Support Levels: $61,800, followed by $61,200.
- Key Resistance Levels: $63,200, $63,500, and $65,000.
Hot Take
As Bitcoin navigates within a narrow range, pivotal levels to watch are $63,200 on the upside and $62,200 on the downside. A break above $63,200 could trigger further upside movement towards $65,000, while a failure to surpass this level might lead to renewed selling pressure towards $61,200 and potentially $60,250.
Source: BTCUSD on TradingView.com
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