The recent price action of Bitcoin (BTC) has shown signs of struggle as it failed to clear the $65,500 resistance level, resulting in a downside correction. The price has dipped below $63,500 and is trading under the 100-hourly Simple Moving Average. Additionally, a major bullish trend line was broken at $63,700, suggesting a bearish sentiment in the market. With the current trajectory, Bitcoin could potentially revisit the $60,000 support zone in the near term.
Despite extending its increase above $64,500, Bitcoin faced challenges in surpassing the $65,500 resistance zone. A peak was reached at $65,550 before the price started to correct downwards. This correction led to a decline below the $64,000 level and the breaking of the 23.6% Fibonacci retracement level. Moreover, the breach of a major bullish trend line at $63,700 further adds to the bearish outlook for BTC. As it stands, Bitcoin is currently trading below $63,500 with immediate resistance at the $63,350 level.
The primary obstacle for Bitcoin remains at the $65,500 level, with a clear move above it potentially triggering a price surge. The next resistance levels to watch for are at $66,650 and potentially $68,000 if the bullish momentum continues. On the other hand, if Bitcoin fails to breach the $63,500 resistance zone, we could see a further downwards movement. The immediate support is expected near $62,000, followed by a crucial level at $61,000, which represents the 50% Fibonacci retracement. Any close below $61,000 may result in a drop towards $60,000 and possibly even the $58,000 support zone.
Looking at the hourly MACD, it is evident that bearish momentum is gaining pace, indicating a potential continuation of the downside correction. The hourly RSI for BTC/USD is currently below the 50 level, reflecting a bearish sentiment in the market as well. While the Bitcoin price movement remains volatile and uncertain, it is essential for investors to conduct their own research before making any investment decisions. Trading cryptocurrencies carries inherent risks, and any decisions based on the information provided should be done so at one’s own peril.
