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Bitcoin price recently surged past the significant $63,500 resistance level. The cryptocurrency tested the $64,800 zone but is currently experiencing a pullback. Here’s a detailed analysis of the current price movement and potential future trends.
- Bitcoin is experiencing a correction from the $64,800 zone.
- The price is trading below $63,500 and the 100 hourly Simple Moving Average.
- There is a developing bearish trend line with resistance at $63,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could see further declines if it breaks the $62,450 support zone.
Bitcoin Price Starts Pullback
Bitcoin price saw an upward movement beyond the $63,500 level. BTC managed to surpass the $63,800 and $64,200 resistance levels, propelling it into a more positive territory.
The bullish momentum even pushed the price above the $64,500 mark. A high was established at $64,777 before the price began to correct. This correction saw a dip below the $64,000 and $63,500 support levels. Additionally, the price fell below the 61.8% Fibonacci retracement level of the upward move from the $62,440 swing low to the $64,777 high.
Currently, Bitcoin is trading below $63,500 and the 100 hourly Simple Moving Average. It has also dropped beneath the 76.4% Fibonacci retracement level of the upward move from the $62,440 swing low to the $64,777 high.
Should there be a fresh increase, the price could encounter resistance around the $63,250 level. A connecting bearish trend line is also forming with resistance at $63,240 on the hourly chart of the BTC/USD pair. The primary resistance is near the $63,500 level. A decisive move above this resistance could push the price higher.
The next significant resistance level could be $64,200. A close above this resistance might trigger further upward movement. In such a scenario, the price could rise to test the $64,750 resistance level.
More Downsides In BTC?
If Bitcoin fails to break above the $63,500 resistance zone, it may continue to decline. The immediate support on the downside is around the $62,750 level.
The first critical support level is at $62,450, followed by a support zone near $62,000. Any further losses might push the price towards the $61,200 support level in the near term.
Technical Indicators
Hourly MACD: The MACD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently below the 50 level.
Major Support Levels: $62,750, followed by $62,450.
Major Resistance Levels: $63,500, and $64,200.
