Bitcoin Price Analysis: BTC Faces Key Challenges Ahead
The Bitcoin price has initiated a fresh decline, falling below the $63,500 level. Currently, BTC is consolidating above the $60,000 mark and is likely to encounter several resistance points as it attempts to climb higher.
Key Highlights:
- Bitcoin has dropped over 5% from the $65,000 resistance zone.
- The current price is trading below $63,500 and the 100-hourly Simple Moving Average (SMA).
- A bearish trend line with resistance at $62,800 is evident on the hourly chart of the BTC/USD pair.
- BTC could initiate another upward movement if it remains above the $60,500 support level.
Bitcoin Price Takes a Hit
Bitcoin price began a fresh decline from the $65,000 resistance level, breaking through the $64,000 and $63,500 support levels. This downward movement pushed BTC into a short-term bearish zone, with the price even dipping below $61,500.
A low was established at $60,281, and the price is now consolidating its losses. Currently, Bitcoin is trading near the 23.6% Fibonacci retracement level, calculated from the $66,055 swing high to the $60,281 low. It is also trading below the $62,500 mark and the 100-hourly SMA.
Should there be a fresh increase, Bitcoin could face resistance near the $61,650 level. The first significant resistance is around the $62,500 level, where a connecting bearish trend line provides additional resistance at $62,800 on the hourly chart of the BTC/USD pair.
A clear move above the $62,800 resistance could propel the price higher. The next key resistance is around $63,200, which coincides with the 50% Fibonacci retracement level from the $66,055 swing high to the $60,281 low.
Potential Upsides
A close above the $63,200 resistance might spark further gains, pushing the price towards the $64,000 resistance level. Any additional gains could drive Bitcoin towards the $65,000 resistance level, marking a significant recovery.
More Losses in BTC?
If Bitcoin fails to surpass the $62,800 resistance zone, the price could continue its downward trajectory. Immediate support on the downside is near the $61,000 level.
The first major support is around the $60,500 level, followed by the $60,000 zone. Should the price continue to fall, it might find support near the $58,500 level in the near term.
Technical Indicators:
Hourly MACD: The MACD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently below the 50 level.
Major Support Levels: $60,500 followed by $60,000.
Major Resistance Levels: $61,650 and $62,800.
