Bitcoin’s price failed to continue its upward momentum and fell short of breaking the $63,650 resistance zone. The cryptocurrency is now undergoing a correction, potentially revisiting the $60,850 support level.
The current price action shows Bitcoin trading below $62,500 and the 100 hourly Simple Moving Average. A bearish trend line is forming with resistance at $61,850 on the hourly chart of the BTC/USD pair. The struggle to initiate a new bullish trend above the $62,250 resistance zone is evident.
The failure to surpass the $63,650 and $63,800 resistance levels led to a high at $63,798, followed by a downside correction. Price dipped below $63,000, the $62,500 level, and the 100 hourly SMA. The downward movement breached the 50% Fib retracement level of the recent upward move from $59,951 to $63,798.
Bitcoin is currently trading under $62,500 and the 100 hourly SMA, with a bearish trend line resistance at $61,850. Bulls are defending the $61,400 zone and the 61.8% Fib retracement level. Any attempts to climb above $62,250 and $62,500 will face key resistances. A break above $62,500 could signal a sustained uptrend towards $63,250 and $63,650. Conversely, a failure to breach $62,250 may lead to further downside movement. Immediate support lies at $61,400, followed by $60,850 and $60,500, ultimately testing the $60,000 support zone.
The hourly MACD is trending bearish, indicating increased selling pressure. The hourly RSI for BTC/USD is below the 50 level, highlighting weakening bullish momentum.
Bitcoin’s price struggles to maintain its bullish momentum, facing key resistance levels that impede further upside potential. The ongoing correction may lead to further downside pressure if critical support levels are breached. Traders and investors are advised to closely monitor price movements and key levels to make informed decisions in the volatile cryptocurrency market.
