The cryptocurrency market is currently witnessing Bitcoin facing downward pressure as it struggles to maintain a bullish trajectory. Recently, Bitcoin’s price slipped below the pivotal $61,850 mark, raising concerns among traders and investors. Although it is holding onto the $60,000 support level, the digital currency remains vulnerable to further declines.
Current Market Challenges for Bitcoin
- Bitcoin faces difficulties in initiating a new uptrend above the $62,850 region.
- The price is currently positioned below $62,000, along with the 100-hourly Simple Moving Average.
- A bearish trend line is emerging, featuring resistance at $61,250 on the hourly BTC/USD chart, using data from Kraken.
- A potential close below the $60,000 threshold could amplify bearish momentum.
Bitcoin Price Dips Further
Bitcoin’s attempt to break past the $63,000 barrier was thwarted, sparking a renewed decline. The cryptocurrency traded beneath the critical support levels of $62,500 and $61,500, eventually breaching the $60,500 mark. A recent low was recorded at $60,300, and the price is now in a phase of consolidating its losses. While there was a slight uptick above $60,550, Bitcoin remains under pressure, trading significantly below the 23.6% Fibonacci retracement level of the previous drop from the $64,420 high to the $60,300 low.
Currently, Bitcoin is trading below $61,500 and the 100-hourly Simple Moving Average. Resistance may surface near the $61,200 level, where a bearish trend line is forming, with resistance at $61,250 on the hourly BTC/USD chart.
Potential for Upside Movement
The first substantial resistance zone lies around $62,350, equivalent to the 50% Fibonacci retracement level of the recent downturn from the $64,420 peak to the $60,300 trough. A decisive move above the $62,350 resistance could propel the price higher, with the next significant resistance at $63,200. Successfully closing above this level could trigger further gains, potentially testing the $64,000 resistance, with possibilities extending towards the $65,000 resistance level.
More Losses In BTC?
Should Bitcoin fail to surpass the $61,250 resistance area, it may face additional downward pressure. Immediate support is anticipated near the $60,300 level. The primary support zone is around $60,000, followed by a secondary support level at approximately $59,500. Continued losses might drive the price towards the $58,400 support in the near future.
Technical Indicators
Hourly MACD: The MACD is currently gaining momentum within the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is presently below the 50 mark.
Major Support Levels: $60,300, followed by $60,000.
Major Resistance Levels: $61,250 and $62,350.
