Bitcoin has recently experienced a bearish momentum, causing it to trade below the $60,000 mark. This downward movement has led to BTC signaling a short-term downtrend, with potential hurdles near the $62,000 threshold. The price is currently below $61,500 and the 100 hourly Simple Moving Average, indicating a negative trend in the market.
Despite attempts to recover, Bitcoin failed to surpass the $63,500 mark and struggled to maintain levels above $63,000. The current decline saw a strong drop below $62,000 and $61,500, even breaking the $60,000 support level. Currently, there is a key bearish trend line forming, with resistance at $62,400 on the hourly chart of the BTC/USD pair.
While there may be a possibility of a corrective uptrend, any potential upside is likely to be limited above the $62,000 resistance zone. If Bitcoin manages to break above the $62,500 resistance level, we might see a steady increase in price, potentially reaching $63,500 or even $65,000 in the near future. However, if BTC fails to climb above the $62,500 resistance, it could continue its downward movement.
Immediate support on the downside is currently near the $61,200 level, with the first major support at $60,000. The following support is forming around $58,500, and any further losses might push the price towards the $57,000 support zone in the short term.
The Hourly MACD for Bitcoin is now gaining pace in the bearish zone, indicating a negative sentiment in the market. The Hourly RSI (Relative Strength Index) for BTC/USD is currently below the 50 level, further supporting the bearish trend.
Bitcoin is currently facing a bearish trend, with resistance levels at $62,400 and $62,500. While there may be a possibility of a recovery wave, any upside movement is likely to be limited. Traders and investors should closely monitor the support and resistance levels, as well as the technical indicators, to make informed decisions in the volatile cryptocurrency market.