Bitcoin price has experienced a bearish momentum, dropping below the $60,000 mark. This decline suggests a short-term downtrend for BTC, with potential hurdles around the $62,000 price level.
Bitcoin saw a fresh decline from the $62,550 resistance level, leading to a current trading position below $61,500 and the 100 hourly Simple moving average. Key resistance levels to watch include a bearish trend line forming at $62,400 on the hourly chart of the BTC/USD pair.
While Bitcoin struggled to recover above $63,500 and faced challenges above $63,000, there is potential for a corrective wave. However, any upside movements may be limited above the $62,000 resistance zone.
Hourly MACD shows bearish momentum gaining pace, while the Hourly RSI for BTC/USD is below the 50 level. Major support levels are currently positioned at $61,200, followed by $60,000, with the next support forming around $58,500. On the resistance side, key levels to monitor are $62,150 and $62,500.
Outlook and Potential Scenarios
If Bitcoin manages to break above the $62,500 resistance zone, a steady increase in price could be expected, potentially pushing towards the $63,500 resistance and even reaching $65,000 in the near term. However, failure to climb above $62,500 could lead to further downward movements. Immediate support on the downside is at $61,200, followed by $60,000, and $58,500. Continued losses might bring the price down to the $57,000 support zone in the near future.
Overall, the current technical indicators for Bitcoin price suggest a bearish trend with potential for both upside corrections and further downward movements. Traders and investors should closely monitor key resistance and support levels to gauge the direction of the market in the coming days.
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