Bitcoin’s price has recently faced challenges in surpassing the $63,650 resistance zone, leading to a correction in its gains. The cryptocurrency started its downward trend from this crucial resistance level, currently trading below $62,500. The 100 hourly Simple Moving Average has also been breached, indicating a potential bearish sentiment in the market.
Despite reaching a high of $63,798, Bitcoin’s price started a notable decline below the $63,000 level. The bears successfully pushed the price under $62,500 and the 100 hourly Simple Moving Average. Additionally, there was a significant break below the 50% Fib retracement level, signifying a shift in momentum towards the bears.
As Bitcoin continues to trade below $62,500, a connecting bearish trend line has formed with resistance at $61,850 on the hourly chart of the BTC/USD pair. The bulls are currently attempting to defend the $61,400 zone and the 61.8% Fib retracement level. However, if the price fails to break above the $62,250 resistance zone, further declines towards $60,850 and even $60,500 could be imminent.
The hourly MACD is gaining pace in the bearish zone, indicating a potential continuation of the downward trend. The hourly RSI for BTC/USD is also below the 50 level, further supporting the bearish sentiment in the market. Major support levels are placed at $61,400 and $60,850, while resistance levels stand at $62,250 and $62,500.
Bitcoin’s price is currently facing significant challenges in surpassing key resistance levels and maintaining its upward momentum. The recent correction and bearish indicators suggest a potential continuation of the downward trend, with support levels at $61,400, $60,850, and $60,500. Traders and investors should remain cautious and monitor the market closely for any further developments.