Bitcoin Faces Another Decline Towards $60,000 Support
Bitcoin has struggled to break above the $63,500 level and has started a fresh decline. The cryptocurrency is currently trading below $61,500 and the 100 hourly Simple Moving Average, indicating a bearish trend in the short term.
Key Resistance Levels for Bitcoin
- Bitcoin is facing a key bearish trend line with resistance at $62,400 on the hourly chart.
- The cryptocurrency could see a corrective move towards the $62,000 resistance zone, but any upside might be limited.
- The first major resistance is at $62,150, followed by $62,500.
Bitcoin Price Analysis
After failing to surpass the $63,500 level, Bitcoin started a downward trend. The price dipped below $62,000 and $61,500 support levels, signaling a bearish momentum.
- Bitcoin even broke the $60,000 support level and found a low near $58,448.
- Currently, the price is correcting losses and might face hurdles near $61,500 and $62,000.
- A clear break above $62,500 could lead to a bullish continuation towards $63,500 and $65,000.
Possible Scenario for Bitcoin
If Bitcoin fails to break above the $62,500 resistance level, it could continue its downward movement.
- Immediate support is near $61,200, followed by a significant support level at $60,000.
- Additional losses may push the price towards $58,500 and $57,000 in the short term.
Technical Indicators for Bitcoin
- Hourly MACD: The MACD is showing bearish signs, gaining momentum in the bearish zone.
- Hourly RSI: The RSI is below the 50 level, indicating a bearish sentiment for BTC/USD.
- Major Support Levels: $61,200, $60,000
- Major Resistance Levels: $62,150, $62,500
Hot Take: Bitcoin Struggles to Gain Momentum
Bitcoin’s inability to break above the key resistance levels is causing concern among traders, leading to a potential downward movement in the short term.
Keep a close eye on the $62,500 resistance level as a decisive break above this point could trigger a bullish rally towards higher resistances.
Conversely, failure to break above $62,500 may lead to a continuation of the current bearish trend, with support levels at $61,200 and $60,000 coming into play.
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